Zimbabwe Dollar Plummets On The Parallel Market Ahead Of The Release Of $10 Banknotes

The Zimbabwe dollar has continued to lose ground against the US dollar on the parallel market since the Reserve Bank of Zimbabwe (RBZ) announced that $10 and $20 banknotes will be released this week.

According to zimrates.com, the black market exchange rate had moved significantly by the end of the day on Monday. The rates were as follows:

OMIR 83.13
USD / ZWL$ 57
USD / ZWL$ (interbank) 25
USD / BOND 41.6

On Friday, 15 May 2020, the rates were as follows:

OMIR 69.29.13
USD / ZWL$ 49
USD / ZWL$ (interbank) 25
USD / BOND 37.20

In a statement on Friday last week, RBZ governor John Mangudya said the new $10 and $20 notes will come into circulation this week. Part of the statement read:

The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the $10 and $20 dollar banknotes issued on 14 May 2020 through Statutory Instrument 103A of 2020, will come into circulation as follows:

  • The $10 banknote will commence circulating on Tuesday 19 May 2020; and
  • The $20 banknote will be in circulation by the first week of June 2020.

… the Bank also advises that it has revised withdrawal limits upwards from $300 per week to $1000 per week with effect from 19 May 2020.

Banks have been directed to ensure that the withdrawal limits are strictly observed. The Bank will not tolerate any abuse of currency and will decisively deal with any such abuse in terms of the law.

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