‘Zimbabwe’s new currency system adequately funded’

Bloomberg

Zimbabwe has sufficient foreign currency reserves to sustain the reintroduced foreign currency auction system, the state-run Sunday Mail reported, citing central bank Governor John Mangudya.
Mangudya said local lenders have almost $1 billion in their foreign currency accounts. “It’s about sufficient resources utilisation of resources,” Mangudya was quoted as saying in the newspaper.
The country reintroduced the foreign currency system for the first time in 16 years in a bid to halt the local currency rout.
that was reintroduced a year ago.
“The first thing is that we do not expect the exchange rate to continue to go up because there is now a formal market of foreign exchange,” he said.