Interbank rate up
1 min read
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Bulawayo Bureau
THE interbank market rate has surpassed parallel market rates with some banks offering more in local currency for those exchanging foreign currency.
Government last week outlawed the use of multiple currencies through new regulations that compel all forms of transactions to be done in the Zimbabwe dollar.
Through Statutory Instrument (SI) 142 of 2019, known as Reserve Bank of Zimbabwe (Legal Tender) Regulations, Government abolished the use of the British pound, United States dollar, South African rand, Botswana pula and other foreign currencies, as legal tender.
When the use of foreign currency was outlawed, the black market rate was at US$1:$13,5 while the interbank rate was at US$1:$6,3.
A survey conducted by our Bulawayo Bureau yesterday revealed that the interbank rate was hovering around US$$1:$8,9, surpassing the parallel market rate that had fallen to US$1:$7,3 for electronic transactions.
The black market rate was even lower for cash transactions, fetching a maximum of US$1:$6,50.
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