Black Market Exchange Rate Madness Slows Down – The Herald

The Herald claims that black market Topsy Turvey currency madness have slowed down with rates coming down to RTGS $16 for $1 USD as of yesterday evening. The steep exchange rate had caused a sharp increase in prices of some goods and services as some retailers peg their prices against the greenback.

An unconfirmed claim published by The Herald reiterates that the RBZ stepped in to squash the rate madness:

However, the market was awash with rumours that the RBZ had cracked the whip on bureaux de change and firms, thought to be fuelling the runaway exchange rate. A statement purportedly from the RBZ circulated widely on social media yesterday suggesting the apex bank had moved to freeze the accounts of some companies.

An Economist who spoke to The Herald said he thinks the RBZ stepped in to tame the jungle and instil discipline in the market. Another economist said maybe whoever was pushing the rate up has bought enough money hence the decline in demand for it:

University of Zimbabwe (UZ) economics lecturer Mr Tamuka Joel Mukura suggested that whoever was feeding onto the market could have bought enough US dollars, hence the decline in rates.

He said “speculation” that some companies were buying money to import raw materials ahead of the 2019-2020 agriculture season could have pushed up the rate

Rates remain high in some parallel market groups with people buying the USD at $20.30 per dollar as of last night.

More: The Herald.


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