Report: Claims are that RBZ is borrowing money to feed the Forex Auction System. This was revealed by the CEO of Leon Holdings a financial services company and entrepreneur Tinashe Marupata.
The RBZ is reportedly borrowing money offshore to feed the forex auction trading system further increasing its ballooning foreign debt which currently stands at US$4.5 Billion. Marupata was commenting on an article in the Chronicle when he tweeted:
RBZ has been borrowing money offshore to feed the Auction. This is a patently bad market setting move. The taxpayer will assume the exchange rate losses. More worrisome is that RBZ offshore debt is US$4.5bn. Another debt assumption bill.
The RBZ introduced the forex trading auction system a few weeks ago in an effort to curb the foreign currency runaway rate which was crawling towards ZWL $100 per US$1. The government had said the auction system will keep a tight leash on money supply and help contain parallel market activities.
Source – Pindula News
In other news – Bizarre as cops and soldiers attacked by bees in Kuwadzana 4: Audio
Bizarre as cops and soldiers attacked by bees in Kuwadzana 4: Audio. There was drama in Kuwadzan 4 yesterday when security forces who were enforcing lockdown were attacked with a swarm of bees. This happened in Kuwadzana 4 where civilians were treated to this drama.
From the audio we have, it is believed that the security forces who pounced on the vendors and touts were attacked by a swarm of bees after they attempted to…continue reading.