Daily Rates Financial News

900 RTGS = 100 USD/ 700 Bond – 27nd June 2019

After the introduction of Statutory Instrument 142 of 2019, all we can say is PAKAIPA!
We are just hoping for the best…..
Interbank Rate::
100 USD = ZW$640
Parallel Market::
100 USD = ZW$800 – ZW$900 (Ecocash & Zipit Rates )
100 USD = ZW$650 – ZW$800 (Bond)
100 USD = 1450 Rands
Ecocash to Bond Notes = 18% – 20%
Points to note:
1. Prices have stagnated in shops.
2. It is now expensive to buy anything using USD. e.g. A can of Koo Beans is going for an average of ZW$21. At the current rates, that is US$3 or 43 rands (rounded off). In South Africa where Koo Beans are produced the same can retails at 10.30 rands.
3. There is a police blitz against money changers. Police in plain clothes are roaming the streets looking for illegal money changers. This has also caused the black market rates to plunge downwards.
4. There is a lot of uncertainty among citizens. Nothing is certain anymore. Tomorrow we might even wake up with another policy
5. Some businesses have closed following the ban of USD trading as a legal tender. Their argument is…. I import my products in USD and if I sell them in ZW$, it will be difficult to restock.
6. Bank interest rates have increased
1. Do not change your USDs now as the market is volatile….Musika uri kupisa! Wait it out, usually market forces stabilize after a week or month.

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