Tag: black market rates
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Do not do it! Your ZiG loses value when you withdraw it, here is why.
Read More: Do not do it! Your ZiG loses value when you withdraw it, here is why.For many Zimbabweans, the mere mention of local currency evokes memories of economic instability and past financial hardships. Memories of sleeping in bank queues, desperately trying to access meagre savings, are etched in our collective consciousness. I personally remember spending hours at Standard Chartered, hoping to withdraw a paltry US$100, only to be met with…
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Exchange Rate U-Turn: RBZ now says businesses can only use the official rate
Read More: Exchange Rate U-Turn: RBZ now says businesses can only use the official rateIn Zimbabwe’s fast-paced economic environment, policy pronouncements can shift in a matter of hours, creating confusion and uncertainty for businesses and consumers alike. Yesterday, we reported on what appeared to be a significant liberalisation of exchange rate policy, with Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu seemingly giving businesses the green light to…
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Vendors now prefer ZiG notes to USD, due abitrage opportunities
Read More: Vendors now prefer ZiG notes to USD, due abitrage opportunitiesHere at Zimpricecheck, we pride ourselves on staying attuned to the pulse of the Zimbabwean economy. One of the ways we achieve this is by venturing out into the bustling streets of Harare, engaging with vendors and informal businesses to gather firsthand market intelligence. On a recent expedition into the high-density suburbs, we uncovered a…
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Torn and worn USD notes are suddenly being accepted again
Read More: Torn and worn USD notes are suddenly being accepted againThere appears to be a shift in attitudes toward the acceptance of torn and soiled United States dollar notes in Zimbabwe. Recent observations suggest that more businesses, particularly smaller vendors, are now accepting these notes at face value. This is welcome news for consumers who have struggled with the stigma attached to less-than-perfect currency. But…
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Informal businesses hunt for ZiG while formal business go through USD famine
Read More: Informal businesses hunt for ZiG while formal business go through USD famineZimbabwean businesses are currently navigating a strangling liquidity crisis, marked by a peculiar dual challenge: a shortage of both the local ZiG (Zimbabwe Gold) currency and the coveted United States dollar. This isn’t a simple case of overall scarcity; instead, it’s a complex situation where the formal and informal sectors are struggling with distinctly different,…
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How Varun Employees Gained Millions Through Illegal Forex Deals
Read More: How Varun Employees Gained Millions Through Illegal Forex DealsA recent report has highlighted how some employees at Varun Beverages, the bottler responsible for Pepsi Co branded drinks like Mirinda, Pepsi Cola, Pepsi Lite and Sting, are alleged to have colluded to extract profit from the company. This scheme is based around the difference between the official and unofficial (black market) exchange rates for…
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Here is why the ZiG has been gaining value
Read More: Here is why the ZiG has been gaining valueIn recent weeks, the Zimbabwean gold-backed currency (ZiG) has shown remarkable resilience and an unexpected appreciation in value. This trend has sparked conversations in financial circles and on the streets, with many wondering what has changed in an economic environment long characterised by volatility. This article delves into the factors driving this change, explores historical…
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Mbare Musika Vendors Adopt $40 ZWG to USD Rate: A New Blow to ZiG Confidence
Read More: Mbare Musika Vendors Adopt $40 ZWG to USD Rate: A New Blow to ZiG ConfidenceIn our latest Mbare Musika price survey, conducted on Tuesday instead of our usual Monday due to unforeseen circumstances, we uncovered a significant shift in the informal currency market. This development marks another chapter in Zimbabwe’s ongoing currency saga, following closely on the heels of the Reserve Bank of Zimbabwe’s recent devaluation of the ZiG.…
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ZiG Backed by Gold, Says Finance Minister Mthuli Ncube Despite Devaluation
Read More: ZiG Backed by Gold, Says Finance Minister Mthuli Ncube Despite DevaluationWhen the Zimbabwe Gold (ZiG) was introduced in April 2024, the government touted it as a currency backed by gold reserves, claiming this would make it resistant to exchange rate fluctuations. However, recent statements by Finance Minister Mthuli Ncube have cast doubt on this assertion, echoing past instances where government promises about currency stability have…