USD cash sent to Zimbabwe up by 20 percent


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Cash in United States dollars being sent to Zimbabwe increased by 20 percent in the first two weeks of October compared to the same period in September, one of the leading online international money transfer companies, WorldRemit said.

It said it was making sure that the money sent was cashed out in US dollars and informed the sender immediately after the cash-out.

Zimbabweans with relatives abroad can now take advantage of the thriving parallel market as rates of the US dollar against the bond note and electronic dollar now hover around 1:3.

Currency monitor Zimbollar said yesterday the bond note was trading at 3.20 to the USD while the electronic money was at 3.30.

In a statement WorldRemit said it had added 10 new cash pickup partners over the past six months providing an additional 150 new locations where people could cash in their money.

Country director, Pardon Mujakachi, said: “We know that our customers around the world are deeply concerned about how the cash crisis in Zimbabwe is affecting their famil(ies) and friends back home. To take some of these worries away, we notify our customers when their recipient has collected the cash so they can be confident they have received all the money sent.”

Most businesses have introduced a three-tier pricing system for those paying in USD, bond notes or electronic money.

The government, which met the business sector this week, said it is working on addressing this pricing system as it maintains that the bond note and the USD must trade at par as the bond note has been guaranteed by the African Export-Import Bank (Afreximbank).

Finance Minister Mthuli Ncube is expected to spell out things clearly when he announces his 2019 budget on 22 November.

(128 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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