Harambe: Zim-dollar regains grip against USD again | The Chronicle (6/29/23)
THE Zimbabwe dollar is fast regaining value against the US dollar with the weighted average rate at the wholesale foreign exchange auction today pegging the local currency at US$1: $5,739 from US$1:ZWL6,300 on Tuesday.
Expectations are that the exchange rate (official and parallel market), which recently took a battering from the negative impact of excess liquidity in the market, will strengthen in favor of the local currency going forward.
Since the introduction of the wholesale auction, financial institutions have been struggling to raise Zimbabwe dollar funding enough to buy more than US$1 million at any given time.
In an update today, the total value of bids accepted was $3,5 million with $2,9 million allotted.
Based on the Reserve Bank of Zimbabwe update, the highest bid rate received was $6 000 while the lowest was $5,263.
On Tuesday, financial institutions only managed to buy a third of the US$30 million foreign currency available on the wholesale foreign currency auction as the Zimbabwe dollar liquidity crunch hits the market.
Only US$10 million was purchased by banks today from the US$30 million on offer.
In the first wholesale foreign currency auction early this month, 19 banks were allotted US$11,18 million as authorities switched to the banking system’s interbank market.
As part of the reforms, the RBZ’s Monetary Policy Committee (MPC) met early June and came up with additional interventions aimed at ensuring that the interbank forex market became the primary source for foreign exchange needs in the economy.
The latest development overtakes the auctions that have carried the burden for just under three years since the middle of 2020.
In taking measures to address issues affecting the economy, the MPC noted that the prevailing volatility in the exchange rate emanated from both supply-side and demand-side factors.
https://www.chronicle.co.zw/zim-dollars-regains-grip-against-usd-again/
************
Harambe: Vietnam, Indonesia step up legislative ties | Vietnam+
(6/29/23)
Chairman of the National Assembly (NA)’s Committee for External Relations Vu Hai Ha hosted a reception in Hanoi on June 29 for the Ambassador of Indonesia to Vietnam, Denny Abdi.
Ha said the countries, sharing a bilateral traditional friendship which was upgraded to strategic partnership in 2013, have boosted their high-level and all-level exchanges, maintained and promoted their effective cooperation mechanisms, and coordinated policies in line with Indonesia’s priorities for the region, especially during its 2023 ASEAN chairmanship.
He stressed that the Vietnamese NA wishes to deepen and enhance the strategic partnership between Vietnam and Indonesia via further strengthening cooperation with the legislative bodies of Indonesia, particularly in delegation exchanges and teamwork between the sides’ specialised committees and friendship parliamentarians’ groups.
The Vietnamese NA also looks forward to promoting the exchange of information and experiences with the Indonesian parliament on law building and inspection work related to post-COVID-19 socio-economic recovery and global issues such as digital transformation, he added.
The official said in the time to come, Vietnam and Indonesia need to continue improving the legal framework for cooperative activities and maximising the effectiveness of their joint committee on economic, scientific, and technological cooperation to facilitate trade and investment flows.
The two countries should explore and seek opportunities for collaboration in such new areas as digital transformation, clean energy, capitalising on the opportunities brought by the Fourth Industrial Revolution.
For his part, the Indonesian diplomat stressed that Indonesia values its strategic partnership with Vietnam and is committed to making every effort to promote their friendly cooperation.
Agreeing with Ha’s assessment regarding the strong ties between the two countries in various fields, the ambassador suggested that the Vietnamese and Indonesian legislative bodies further promote these cooperative relations and increase their exchange of high-level delegations.
https://en.vietnamplus.vn/vietnam-indonesia-step-up-legislative-ties/255485.vnp
Prime Minister hosts IMF’s Article IV consultation team | Vietnam+ (6/29/23)
Hanoi (VNA) – Prime Minister Pham Minh Chinh on June 29 received a delegation of the International Monetary Fund (IMF) headed by Sanjaya Panth, Deputy Director of the IMF’s Asia and Pacific Department, who are on a working trip in Vietnam for Article IV consultation.
Expressing his satisfaction with the results of the cooperation between Vietnam and the IMF, PM Chinh stated that the Vietnamese Government always listens to and highly values the evaluation opinions and policy advice from the IMF. The report by the Article IV consultation team is one of the important sources of input information for the making and implementation of policies by the government, ministries and sectors.
The IMF’s consultation and policy dialogue activities have supported the Vietnamese government in formulating stable and effective socio-economic development policies, especially during the COVID-19 crisis and the current global instability, PM Chinh said.
The IMF delegation congratulated the country on its positive economic and social achievements, particularly after the pandemic.
They noted that global growth prospects are relatively weak, but the Asian region, including Vietnam, sees more favourable ones and can serve as a global growth driver. The Vietnamese economy is expected to grow better in the last months of 2023 and this growth momentum is likely to be sustained and bolstered in the coming years.
The government leader expressed the desire for the IMF to continue providing competent Vietnamese agencies with training programmes and technical support in economic, financial, and monetary management, and statistics.
He proposed that the team and IMF Resident Representative Office in Vietnam further enhance policy advisory activities for the Vietnamese government and agencies. The PM also expressed his hope and confidence that the already good relationship between the sides will be increasingly consolidated and strengthened and that the IMFwill continue to accompany Vietnam in its future development process.
Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.
https://en.vietnamplus.vn/prime-minister-hosts-imfs-article-iv-consultation-team/255487.vnp