It has been a crazy few weeks with the black market rate fluctuating wildly as it sought a new settling point. About three weeks ago the rate started to move up sharply from the usual $22-$23 ZWL per 1 USD mark creating a lot of consternation in the market and economy.
Authorities were incensed and as always they settled on blaming this new upward movement on unspecified saboteurs and cartels. The Reserve Bank of Zimbabwe threatened to freeze the accounts of those it suspected of driving up the rate. At the end of that day they did announce that they had indeed frozen the accounts of one company-a government contractor.
This had little effect on the market movements bringing to fore the fact that when it comes to the black market the central bank no longer has as much leverage as they once had.
Today’s black market rates
New data seems to show that the rate might have simply been looking for a new home after a shift in fundamentals that led to increased demand for the green back. The new rate point seems to be around $25 ZWL per 1 USD.