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Does The Formal Exchange Rate Still Work?

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Last week the Reserve Bank of Zimbabwe warned exchange rate manipulators who it said were exerting pressure on the foreign exchange market, saying that they risked having their accounts frozen.

The bank froze the account of a Chinese company China Nanchang for releasing millions of dollars of the local currency on the market.

As at Friday, black market rates were hovering around 1 U.S. dollar to 26 Zimbabwe dollars.

A survey conducted by Great Dyke News 24, shows that this was a surge from the previous few days when the black market stood at around 1:22, while the interbank rate stood at around 1:17,20 as of Thursday.

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Some financial analysts are even suggesting that some well-connected individuals and corporates are buying foreign currency on the interbank market for resale at a premium on the black market thus making a killing.

Now the question is that is the formal market still working? Give us your views on Great Dyke News 24.

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