When it was introduced, the currency was pegged at a 1 as to 1 ratio which the central bank, the Reserve Bank of Zimbabwe has since shun after proving to be unrealistic. It is currently traded at around 1: 8 on the parallel market whilst the Old Mutal Implied Rate (OMIR) has since reached around 9.9 per every US$.
Resultantly, many businesses including government departments have resorted to pricing their goods and services in US dollars. Those who have maintained the RTGS for transactions have on a daily basis been increasing their prices.
Among other Government Departments that have recently started charging using the inter-exchanged rate or US dollar, there is the Ministry of Lands, Agriculture, Water, Climate and Rural Resettlement and the National Railways of Zimbabwe (NRZ)
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The Treasury has however issued a statement instructing all government departments to revert to using the local currency until further notice.
More: The Independent
