The Zimbabwean dollar has continued with its fall against major currencies especially the USD which has accelerated in the past two weeks. The authorities including the RBZ governor and the Minister of Finance have simply ignored this with neither bothering to pass a comment.
Monday’s gains didn’t last
When we woke up to both black market and official trading figures on Monday it seemed like the Zimbabwean dollar was about to make a recovery or at least stabilise. That didn’t last. The rate which had fallen from $14.50 to $14.10 ZWL against the US dollar had risen back to $14.50 in the afternoon.
By the close of day yesterday, some informal traders were paying $15.00 ZWL for any amount starting from $10. It appears the trend is set to continue today too. Meanwhile, the Old Mutual Implied Rate (OMIR) which used to be an indicator of the Zimbabwean dollar’s value wast trading at $14.55.
We will write about this in another coming article and comment on how this actually makes sense.