Zimbabwe interbank rate closing in on black market


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The Zimbabwe dollar continued to firm against the United States dollar on the black market with Marketwatch putting the OMIR at 9.2 down from 11.18, the RTGS dollar at 12 down from 13, the bond note at 9.6 from 10.4.

Although Marketwatch put the interbank rate at 6.54, First Capital bank, formerly Barclays, was buying at 8.7 and selling at 9.14.

Commenting on the First Capital rates Zimbollar Research Institute said these were the first real steps towards a genuinely free floating exchange rate regime.

“If this takes route across all banks and Bureau de changes, then it will be a done deal for the alternative (black) market!” it said.

(404 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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