The Zimbabwe Dollar Further Loses Value

The Zimbabwe dollar has this week continued to weaken against the United States dollar despite the state freezing bank accounts of companies alleged to be participating and fueling money laundering.

Whilst the interbank market rate is around ZW$15 per dollar, the parallel market is charging about ZW$19 per dollar.

The high demand for the United States dollar has been attributed to the collapsed industry which forces local businesses and individuals to import most of the commodities on demand in the country.

A few weeks ago, Reserve Bank of Zimbabwe deputy governor, Dr Kupukile attributed the increased shortage of foreign currency to the closure of the tobacco trading season which meant fewer exports hence less foreign currency into the country.

The shortage of foreign currency has been identified as one of the factors that have contributed immensely to the hyperinflation in the country.

More: The Independent


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