Money Market

THE money market that had been brought about by Monday’s statutory reserve adjustments as well as Value Added Tax spill over effects.
The market opened $65 billion down and was forecast to close $1,.4 trillion down. The Reserve Bank of Zimbabwe was on the market with its 365-day paper an

d bids worth $40 billion were allotted.
However rates remained unchanged in the interim with 7/14 days attracting 50%, 30 days 80%, 60/90 days 100% and 150% respectively.
Financial institutions have been reluctant to change rates particularly in the wake of rumors that the Reserve Bank will be presenting the Monetary Policy Statement before the end of Thursday.
Investors have since adopted a cautious approach ahead of the announcement.

Post published in: Economy

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