After a brief feint in the face of an RBZ rebuke black market rates defied the authorities to close the week higher than they Monday level. The RBZ broke weeks of silence after rates on the black market started to embark on what appeared to be a steep climb which began last week.
They issued a statement threatening to free the bank accounts of those suspected on fueling the black market. ( A threat they later carried out, find more about this here). As has become the norm the market appeared to be simmering down but it seems this cool down period was short lived.
According to MarketWatch at the close of business on Friday (yesterday) black market traders were paying $25.5 ZWL in exchange for each USD. This is in contrast to around $23.7 ZWL they were willing to pay on Monday.
That translates to a 7.5% boost in rates. The OMIR was at $24.67 at the opening of business on Monday but stood at $30.55 ZWL by the close of business on Monday.
What is shows is an understandable thirst for foreign currency which the heavily manipulated Interbank market has failed miserably to quench. For most businesses it has become a matter of go to the black market or die.
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