ZimBollar, rate.co.zw gives you the black market rates

By Staff writer | 28 Oct 2018 at 14:31hrs
ZimBollar
THE parallel market has plunged Zimbabwe into crisis amid the government insisting that electronic balances reflecting in local bank accounts are at par with the powerful US dollar despite banks no having any US dollar cash.

In 2016 Zimbabwe introduced bond notes, as a result, an alternative bank market is booming. Two anonymous online medium, a website rate.co.zw and Twitter account ZimBollar index have developed providing information and pricing on this alternative market.

ZimBollar has attracted over 25,000 followers but chosen to remain secret citing the "risk being misunderstood."

ZimBollar claims to have persons in four major towns of Zimbabwe to gauge the money markets but are neither traders nor buyers.

Meanwhile, rate.co.zw claims to be "strictly for investigating the rumoured exchange rates and keeping record of such rumours for the sole purpose of studying and researching on the impact of currency speculations to the economy.  

Real Time Gross Settlement (RTGS) and bond notes, officially, are equivalent in the value to the USD although in the market people have placed less value.

The government has warned those taking part in the dealings saying what they are doing has negative impact on the economy. A number of money-changers have been arrested in Harare since since the gazetting of regulations criminalising cash vending.

Despite all the conspiracy theories on who is behind the two online medium posting uniform rates, it is yet unknown who is responsible on setting the day to day rates.

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