This week we saw what we have been seeing most weeks ever since the Zimbabwean dollar was introduced back in February. The Zimbabwean dollar continues to take a knocking despite the government’s best efforts to stem the tide. This week we saw several lines being closed and Ecocash insisting agents need to operate from their registered addresses.
All this was lost on the market were shortages of fuel and other imported basics continue to ensure that the local dollar trades for less and less each day. Trying to stifle the market is no longer having the sort of dramatic impact it had when it was first introduced as the market becomes immune to it.
The Week’s Trading summary
This trading summary covers the period starting Friday 18 October up to today in 2019-in case you hit your head and forgot what year it is or you are reading this in the future.
Black Market Rates
- Opening rate on Monday i.e. same as the closing rate on Friday $20.20 ZWL
- Closing Rate this Friday $20.90 ZWL
- Percentage change -3.46 %
NB What it means is the Zimbabwean dollar lost value by about 3.46% on against the USD
- Opening rate Monday $15.44 ZWL
- Closing rate Friday $15.57
Even on the official market the local dollar lost value by almost 1%