Forex rates con­tinue to tum­ble

The Herald (Zimbabwe) - - National News - Her­ald Re­porter

PAR­AL­LEL mar­ket rates con­tin­ued tum­bling yes­ter­day with US$100 which was re­cently be­ing ex­changed $600 fall­ing to as low as $150 bond.

The rates started de­clin­ing af­ter Govern­ment guar­an­teed the 1:1 con­vert­ibil­ity value of Real Time Gross Set­tle­ment (RTGS) bal­ances into the United States dol­lar as well as avail­abil­ity of the green­back for Nos­tro for­eign cur­rency ac­counts.

By yes­ter­day af­ter­noon, ex­change rates on the par­al­lel mar­ket had de­clined.

This prompted some il­le­gal deal­ers to hold on to their for­eign cur­rency as they as­sess the sit­u­a­tion.

Some peo­ple who had off­loaded their bond notes yes­ter­day were count­ing their losses.

The sit­u­a­tion is ex­pected to con­tinue im­prov­ing.

Sup­ply of ba­sic com­modi­ties like cook­ing and sugar also im­proved sig­nif­i­cantly yes­ter­day.

Some phar­ma­cies were, how­ever, sell­ing drugs in for­eign cur­rency.

Con­fed­er­a­tion of Zim­babwe Re­tail­ers pres­i­dent Mr Den­ford Mu­tashu has dis­suaded con­sumers from panic buy­ing.

“We urge con­sumers to calm down and not over spend due to an un­known sce­nario that may never hap­pen. We also en­cour­age re­tail­ers to con­tinue mon­i­tor­ing the sit­u­a­tion and im­pose re­stric­tions on quan­ti­ties. The sit­u­a­tion is now im­prov­ing in some ar­eas such as Gweru where peo­ple are now calm­ing down,” he said.

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