Zim firms ‘in the dark’ as confusion follows dumping of US dollar
Rates for new Zim dollar vary greatly as forex dealers adopt cautious approach
Businesses stopped trading using the multi-currency system in Zimbabwe on Tuesday, but pegged the local dollar at varying rates while illegal forex dealers adopted a “wait-and-see” approach.
The bank rate for the US dollar is at ZWL$6.31 but some business have pegged it at ZWL$20 to the American dollar. On Monday the black-market dollar stood at RTGS$12.
“We are in the dark but to be safe I have resolved to price above the black market rate of yesterday because by this time next week we don’t know what could be the situation,” said a tyre salesman...