The Zimbabwean Dollar Makes Some Gains
It has been a torrid two weeks for the Zimbabwean dollar and its many manifestations including the bond and the RTGS. It went on a sustained slide against major currencies notably the Rand and USD.
However, on Monday the Zim dollar was able to make some modest gains both on the black market and interbank rates.
- The black market rate was as high as $15 ZWL for higher amounts it is now below that and seems to have stabilised around $14.50+ for the same amounts
- The average interbank rate is now around $11.19 down from 11.32
- Only Metbank and Stanbic are buying at a higher rate than they were last week
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Does this mean that you need USD 11.3292 to buy 1 ZWL or do you need ZWL 11.3292 to buy 1 USD???
it means you will get that much on average if your USD is converted by a bank or financial institution. As you will note from the word average, it is not typical i.e. it’s not the rate you will actually get which is always changing. Each institution has its own rate. If you want to change money you will get higher rates from Bureau De Change.
Now back to your burning question:
Official buyers rarely if ever sell their USD to ordinary buyers.