Zimbabwe Forex Reserves Rise Amid ZiG Demand, Sunday Mail Says
- Newspaper cites central bank governor Mushayavanhu on reserves
- Rate increases seen contributing to firming of local currency
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Zimbabwe’s foreign-currency reserves have risen to $509 million as companies liquidate their foreign-currency positions, creating demand for the local unit, the state-run Sunday Mail cited Reserve Bank of Zimbabwe Governor John Mushayavanhu as saying.
The firming of the local currency, known as the ZiG, was also due to the central bank increasing its benchmark interest rates in September to 35% from 20%, Mushayavanhu told the Harare-based paper. Last week the ZiG notched up its first weekly gain since a devaluation in late September, rising to 25.60 against the dollar.