HARARE, May 20 (Xinhua) -- The black market foreign exchange rates of the U.S. dollar tumbled Sunday and Monday on the back of an announcement by the Reserve Bank of Zimbabwe (RBZ) Saturday that the Zimbabwean government would on Monday start drawing down a new 500 million U.S. dollar...
EXCHANGE rates on the parallel market remained stable in the last two weeks following a raft of measures implemented by the Reserve Bank of Zimbabwe (RBZ) among other factors. The central bank has since put in place measures to mop up the excess liquidit
BULAWAYO (Bloomberg) –Zimbabwean Vice President Constantino Chiwenga issued a threat against the parallel-currency market traders, becoming the nation’s most senior official to acknowledge the risk that a resurgent black market poses to efforts to revive the beleaguered economy. ...
Black Market Traders Take Advantage of Zimbabwe Fuel ShortageTendai Maphosa
As at Friday, black market rates were hovering around 1 U.S. dollar to 25 Zimbabwe dollars. This was a surge from the previous few days when it stood at around 1:22, while the interbank rate stood at around 17.20 as of Thursday. ...
“The economy cannot be run on parallel market rates hence the need to instil discipline in the market place,” he said. Minister Ndlovu said the interbank exchange rate presents opportunities in terms of competitiveness of local products.
RESERVE Bank of Zimbabwe (RBZ) top officials yesterday insisted that the parallel market rates will soon tumble because the current balance of RTGS dollars in c...
Even though Zimbabwean banks are mandated to accept soiled money in exchange for crispy notes, general mistrust in the financial system after people lost their savings due to hyperinflation has seen black market traders preferred over banks.
If President Mnangagwa is serious about driving the foreign currency black market dealers out of business then he must instruct the Banks to pay people in whatever currency they wish at the official exchange rate! Zimbabwe scrapped the Z$ is favour of a basket of other foreign currency. It is...
Hyperinflation in Zimbabwe:Also in 2008, Zimbabwe had the worst case ofhyperinflationin the 21st century with a peak inflation rate of more than 79.6 billion percent.2An inflation level of that amount is nearly impossible to predict and can easily ruin a country financially. ...