Black market reacts to RBZ latest measures


Activity on the parallel market in Zimbabwe has eased after Tuesday’s move by the central bank to introduce the ZWL$100 cap per transaction on all cash-in and out transactions.

However, the premiums for cash soared to between 50 and 70 percent as supply declined.

When the RBZ made the initial announcement that all cash-in and cash-out transactions had been suspended, people were getting cash at 40% for notes and 35% for coins. However, since the introduction of the RTGS$100 trading cap on Wednesday, rates have soared to 70% for notes, and 50% for coins.

Traders in Harare, were refusing to engage in any transactions involving cash-in and cash-out, leaving the few still trading to charge exorbitant rates as the demand for hard cash increased.

Meanwhile, advisor to the RBZ, Eddie Cross is reported to have hinted that treasury is expected to rollout a new currency next month.

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