HARARE – The official Reserve Bank of Zimbabwe (RBZ) exchange rate hit $403.40 Zimbabwean dollars against the US dollar which according to experts was prompted by market forces.
A trade update released at the close of Tuesday shows that this week’s exchange rate is down 3.03% from the previous week’s rate of ZW$391.53.
Market watchers believe the current movement in official exchange rates reflect market forces behind the move after government pledged to keep traders on the platform to dictate rates in line with affordability.
Records show exchange rates were US$1:ZW$379 during the first week of July 2022, a rate that has deteriorated rapidly since then.
By comparison, however, parallel market exchange rates are still well above the official rate, fluctuating between Z$700-800 against the greenback, with speculation and corporate and retail futures prices being the main driving factors.
