Zimdollar continues to tumble

Wakanda News Details

Zimdollar continues to tumble

THE Zimbabwe dollar has devalued further to a new low of $105 against the greenback on the parallel foreign currency market as demand for the United States dollar intensifies.

With the Zimdollar continuing to depreciate, businesses are pegging prices of their goods and services against the parallel forex market rate instead of the official foreign currency rate of US$1:$57,35.

This is because the parallel forex market is widely accepted to be a true reflection of the foreign currency exchange rates.

Government on Friday pressed the panic button and issued a blanket suspension of all mobile money transactions in a statement by Information secretary Ndavaningi Mangwana in a desperate move to tame parallel market forex activities.

He noted that there was also US dollar inflation caused by businesses pegging their prices higher than the prevailing parallel foreign currency rate in anticipation of currency movement.

Source: NewsDay Zimbabwe - Everyday News for Everyday People

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