Tag: black market rate
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Zimbabwean businesses can now use whatever rate they want
Read More: Zimbabwean businesses can now use whatever rate they wantHere at Zimpricecheck.com, we keep a close eye on the ever-changing economic landscape of Zimbabwe. Recently, a significant, if somewhat quietly announced, development has occurred: the Reserve Bank of Zimbabwe (RBZ) has effectively liberalised the use of exchange rates for pricing. This means businesses now have greater freedom to set prices based on their own…
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RBZ in Damage Control: Is the Government Targeting Diaspora Remittances?
Read More: RBZ in Damage Control: Is the Government Targeting Diaspora Remittances?The Reserve Bank of Zimbabwe (RBZ) is in damage control mode following remarks made by Deputy Director William Mamhimanzi, which many interpreted as an indication that the RBZ and the government are seeking to compel recipients of Diaspora remittances to use the banking system and convert their funds into local currency at official rates. Currently,…
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Aggressive Measures: How Zimbabwe is Protecting the ZiG Currency
Read More: Aggressive Measures: How Zimbabwe is Protecting the ZiG CurrencyThe Zimbabwean government, in its characteristic heavy-handed approach, has launched an aggressive campaign to defend the Zimbabwe Gold (ZiG) currency. With the Financial Intelligence Unit (FIU) leading the charge, retailers, manufacturers, black market traders, and even ordinary citizens have found themselves under scrutiny. While this crackdown has stabilised the ZiG in the short term, questions…
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Goodbye 10% Rule? What Businesses Need to Know About SI 81A of 2024
Read More: Goodbye 10% Rule? What Businesses Need to Know About SI 81A of 2024Zimbabwe’s business landscape has seen another twist with the introduction of Statutory Instrument (SI) 81A of 2024. The new law aims to enforce the use of the daily interbank rate set by the Reserve Bank of Zimbabwe (RBZ) for all business transactions. This has caused a stir, particularly concerning its potential impact. What the Law…
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Four reasons why forcing schools to ZiG payments is not a good idea
Read More: Four reasons why forcing schools to ZiG payments is not a good ideaZimbabwe’s second school term kicks off today, 7th May 2024, and as usual, parents and guardians are scrambling to settle school fees. However, this term ushers in a new wrinkle – the widely anticipated use of the new local currency, the ZiG. The Ministry of Primary and Secondary Education (MoPSE) has been vocal in its…
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Analysing Zimbabwe’s Price Hikes: Government’s Misguided Actions Unveiled
Read More: Analysing Zimbabwe’s Price Hikes: Government’s Misguided Actions UnveiledIn a recent study conducted by the Competition and Tariff Commission and National Competitiveness Commission, the underlying causes of price disparities in basic commodities, the impact of import duty removal, and the cost drivers behind the recent price hikes were investigated. The findings shed light on the undeniable truth that Zimbabwe’s government policies, particularly reckless…
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Most Zimbabwean banks were fined for violating exchange control rules
Read More: Most Zimbabwean banks were fined for violating exchange control rulesAccording to the RBZ, the central bank fined many of the top Zimbabwean banks this year for violating exchange rate control rules. These fines were administered as part of the RBZ’s follow-ups to check whether the proceeds of forex auctions were being appropriately disbursed by banks and used as intended by auction winners. Exchange Control…
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The RBZ will soon release US$180 Mosi oa Tunya gold coins for everyday transactions in November
Read More: The RBZ will soon release US$180 Mosi oa Tunya gold coins for everyday transactions in NovemberThere was a lot of excitement back when the RBZ initially announced that they would be selling gold coins. That excitement reached its peak when the RBZ revealed that these coins could be used like money to buy and sell goods and services in addition to them being assets that could be used to store…
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It’s not gold coins! Here is the real reason why the rate has fallen
Read More: It’s not gold coins! Here is the real reason why the rate has fallenAs most of you would have probably noticed by now, the black market rates for Cash, Swipe, ZIPIT and Ecocash seem to have fallen over the past week. At one point the traders were paying as much as US$950 per 1 USD but are now paying around $800 ZWL per 1 USD. Even a number…