Unlike during the first week of September when the RBZ was just content to watch the horrors of a depreciating Zimbabwean dollar unfold, these days they have been sjamboking the rate back down when it threatens to break away.
They did it again this week when they again waved their new weapon of choice; freezing bank accounts of suspected black market dealers. The first time it happened the results were a dramatic fall in rates before the black market rates mustered courage and came out of hiding on Monday.
This week they have done it again and the rates fell from a high of around $19.25 and opened at $17 ZWL to 1 USD before making some gains. Currently, some dealers are reported to be paying $18 ZWL in Ecocash balances for each USD they get.
There had also been reports that the accounts frozen on Friday had since been unfrozen. The RBZ has been unequivocal in their denial. According to them, the frozen accounts remain frozen until further notice.
Given the nature and size of the companies whose accounts were frozen, it remains curious to see how the RBZ can keep this up. Eventually, they have to unfreeze those accounts. With the economy in the state, it is in right now the affected companies are too big to fail.
If they were to close, a disaster of another nature would crop up.
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