The Chronicle reports that parallel markets exchange rates have suddenly fallen from a peak of US$1: RTGS$9 recently down to about US$1: RTGS$6 since last week. The rate is expected to continue declining following reports by the finance minister, professor Mthuli Ncube that the government had secured a US$500 million facility to boost efficiency on the inter-bank forex market.
Recent reports suggest that the black market is being driven by sharks who are beneficiaries of the Reserve Bank of Zimbabwe (RBZ) foreign currency scheme. Resultantly, they are frustrating the interbank system to block other companies from accessing the US dollar.
Black market foreign currency exchangers expressed sadness as rates dropped. Speaking to the Chronicle, one illegal forex dealer said:
The situation is not looking good at the moment. If it continues to be like this it will be a tough one for us. We are not making good profits and a few people are approaching us for money.
However, the rate reported by the Chronicle is not in resonance with the rate which some independent economic and financial analysts reported. As of yesterday, the Old Mutual Implied Rate stood at 9.68, the USD/RTGS was reported to be at 7.95 whilst the USD/BOND was at 7.75.
More: The Chronicle
Talk about the black market presupposes official recognition of parallel markets which is quite a big anomaly in the financial sector and for the national economy as a whole. There is need to get back to a model of a progressively advancing and cogent industrialization process which rests on a depoliticized dispensational management.