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Parallel Market Exchange Rates Go Down

Parallel Market Exchange Rates Go Down

Exchange rates on the parallel market have reportedly gone down in the last two weeks from US$1:$200 to around US$1:$165.

This follows the introduction of a cocktail of measures by the Reserve Bank of Zimbabwe (RBZ) to curb the exchange rate that was rising at a very quick pace.

A snap survey conducted by NewZimbabwe.com in Harare’s Fourth Street, Copacabana area, Central Business District zone as well as Mbare Musika areas confirmed the latest declines. Said one dealer who identified himself as Godwin:

I am now paying $165 per every US$1 and I am actually the highest here since most dealers are paying far much lower than that. Some are even paying as low as $130 per every US$1 and if you take more time moving around you risk getting a much lower rate.

The dealers also complained over their incapacity to push high volume trades which they attributed to stricter procedures on cash movements being implemented by the banks.

At Mbare Musika market, dealers were however paying $140, 00 cash per every US$1 but bank transfers remained at $165, 00.

Even the payment of civil servants’ salaries this week did not manage to escalate the exchange rates as anticipated earlier by a section of market watchers.

A prominent economist, Doctor Prosper Chitambara, attributed the shifts to the hard clampdown exerted by authorities this week.

He added that long term stability will, however, depend on the measures put in place by authorities to bridge the gap between foreign currency demand and supply among other factors.

More: NewZimbabwe


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11 Comments

Chamisa Ngaapinde 6 months ago

Failure at its awesome bestūüėāūüėā...


Mr ndhlumbi 6 months ago

The black market rate can be lower to around 1:100 to 1:110 if the government give its civil servents that USD 50 per week it promised. Kwete kungosasa zvavasingagone that is bad governance


Beasty boy 6 months ago

Economy ye Zimbabwe yakafanana nemunhu anochengeta mvura pazvigubhu zvinovhindza ,ane confindence apa achirara pasi.


Troj 6 months ago

The RBZ is Stitching the anus to heal diarhea


Svirorist 6 months ago

Bush Economists don't understand the logic behind following laws of economics


Krypt King 6 months ago

This only occur in short term see what will happen as time goes on we will hit an ex^Rte of 1:zwl 300


Beasty boy 6 months ago

True that,ikozvino Mthuli na Mangudya vaviga ma Bond notes avo..ngaabude uwone chi rate chaizvo.

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Chapwititi 6 months ago

So you mean 1USD equivalent to $165ZWL ,the measures of RBZ are yielding positive results,i wonder why the Government celebrates failure.RBZ is the problem in the matrix of foreign exchange rate.


Bongani 6 months ago

Loses value by 20cents and gains 2cents then news awash with bond having gained value, lokhu sekufuna uSatan hatshi unkulunkulu.


Lilo 6 months ago

Animal farm kkkkk


Zapi nax 6 months ago

On short term basis I think.what about the long term.leadership crisis in Zim.may God bless this economy.we don't have economists in that government.



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