The black market rate for USD is on an upward trend despite efforts by The Reserve Bank of Zimbabwe to contain the loss in value of the local RTGS Dollar. Last week on Friday, The exchange rate between the United States Dollar and local Real-Time Gross Settlement dropped from a High of 23 RTGS for 1 USD after The RBZ closed accounts that belonged to Sakunda.
Normalcy seemed to have returned to the market with the rate going as low as 14 RTGS to 1USD. President Mnangagwa is on record applauding the Financial Intelligence Unit of the RBZ in curbing the illicit activities that resulted in a freefall of the economy.
Speaking at a meeting in New York the President had this to say:
“On the monetary side, yes, we have introduced one currency,” said President Mnangagwa. “For the first six weeks it remained stable, but then our people are intelligent. We have people who found ways to fight that (stability of the currency) and undermine it, but yesterday (Friday) we also became smarter than them and so we took some action.
“We have now arrested the galloping rate which was galloping from about eight, within few days it had gone up 10, and 20, by the time we left it had gone down and I think today it is about 14.”
However, the intervention by the RBZ seems to have failed as the rate has once again risen with Traders paying 17.5 RTGS for 1 USD. At the time of publication, Traders on the parallel market are competing for the scarce USD on the market with the rate increasing every hour with no sign of stability in sight.