Zimbabwe Dollar Marginally Gains Against The US$ Following RBZ Lift Of Ban On Forex

The Zimbabwe dollar has marginally gained value against the United States dollar the Reserve Bank of Zimbabwe (RBZ)’s relaxation of Statutory Instrument 142 of 2019 which prohibited the use of all foreign currencies for domestic transactions.

This Thursday, the central bank said that those with free funds could use their money for domestic transactions.

The economy had already informally redollarised as traders were charging their commodities in foreign currency or local currency equivalent to it.

The Zimbabwe dollar was rapidly losing value against other currencies, particularly, the United States dollar which was now being traded for about 45 Zimbabwe dollars on the parallel market.

Today, the rates are between 40 and 44 Zimbabwe dollars per every United States dollar wile the Old Mutual Implied Rate has fallen from about 70 in the recent past to 51 today.