Massive Jump In The Parallel Market Rates

Foreign Currency

Market Watch Zimbabwe has reported that the rates have jumped significantly in the later part of the day to between 5.7 to 6.0. Reports also suggest that Money changers or Dealers were forced to suspend business for the day as they wait for things to settle down.

The Real Time Gross Settlement currency has continued to shed value since its introduction in February. When it was initially introduced, it was pegged at a 1:1 ratio which many analysts viewed as unrealistic. Upon introduction, the parallel market already had a varying rate.

Official Bank Rates: 

  • USD/RTGS: 3.3884
  • RTGS/RAND: 4.2013

Data according to the Reserve Bank of Zimbabwe

Black Market Rates:

  • USD/RTGS: 5.5
  • USD/BOND: 5.36
  • RTGS/RAND 2.74

More: Market Watch

 

 

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