Reserve Bank of Zimbabwe (RBZ) governor John Mushayavhanu has urged members of the public to report supermarkets using exchange rates which are higher than the official rate.
This follows reports that some traders use a higher rate than the official Zimbabwe Gold (ZiG)13,5 to US$1.
In a recent interview with StarFM radio, the Central Bank chief warned that authorities will revoke shop licences of supermarkets found using black market rates. He said:
<blockquote>
You should report on supermarkets that are not using the ZiG13,5 rate but a higher rate. We are not going to tolerate that. They are going to get their licences terminated.
ZiG is going to be a stable currency and it is here to stay. Hang on to your ZiG and do not fall for evil people who want to exchange the currency at a high rate.
</blockquote>
The ZiG currency, introduced on 05 April 2024, is trading between ZiG17 and ZiG22 for US$1 on the parallel, according to <a href="https://www.newsday.co.zw/local-news/article/200026557/rbz-targets-supermarkets-over-zig">NewsDay</a>.
The Consumer Protection Commission (CPC), the Zimbabwe Republic Police (ZRP) and the RBZ’s Financial Intelligence Unit (FIU) are working together in a blitz on businesses refusing to accept the new currency.
Meanwhile, the Zimbabwe Energy Regulatory Authority (ZERA) on 04 May, issued a fuel review notice indicating prices of petrol and diesel in both USD and ZiG.
However, this does not necessarily mean that fuel is now being sold in ZiG because ZERA has always done the same for Bond Notes even when they were not accepted at the fuel pump.
According to the notice, diesel now costs ZiG22.24 and US$1.66, while petrol is now selling at ZiG21.15 and US$1.58 per litre respectively.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

RBZ Urges Public To Report Supermarkets Using Unofficial Exchange Rates

Parents and guardians claim that some government schools are pegging school fees for the 2023 first term using black markets rates.
The Ministry of Primary and Secondary Education directed that schools should accept both foreign currencies and local currency but the latter should be pegged at the prevailing bank rate when the payment is made.
Currently, the official rate is US$1:$661 but some schools are using rates as high as US$1:$2 000.
A parent whose son is at Seke 3 High in Chitungwiza <a href="https://www.newsday.co.zw/local-news/article/200004753/govt-schools-use-parallel-rate">told NewsDay</a> that the school was charging US$40 or $40 000 per term, placing the rate at US$1:$1 000. Said the parent:
<blockquote>
I think it is a method (devised) by school authorities to discourage the RTGS [Real Time Gross Settlement] payment method.
But this is also a big disadvantage for us as parents, especially those of us who earn in the local currency.
The behaviour of these school authorities exposes that government is not serious about the poor accessing education because the working poor are the ones who are receiving salaries and wages in RTGS.
</blockquote>
A parent with a child at Patsika Primary School in Pfungwe, Mashonaland East Province, told the publication that they were paying $15 000 or US$15.
At Hokodzi Primary School in Murewa District, parents are reportedly paying US$15 or $30 000, giving a rate of US$1:$2 000.
At Chemapango Primary School in the same district, fees are pegged at US$25 or $35 000 which translates to US$1:$1 400.
Kotwa Government School in Mudzi District, Mashonaland East province, is reportedly charging $30 000 or US$30.
Meanwhile, the director of communication and advocacy in the Ministry of Primary and Secondary Education Taungana Ndoro said that defying a ministerial directive on school fees was illegal. He said:
<blockquote>
It remains illegal to violate government policy and such schools and their heads risk heavy sanctioning.
</blockquote>

Govt Schools Using Black Market Rates | Report

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6685</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $119.96</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $80</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $75</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $74</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $50.8</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

Official Bank Rates & Black Market Exchange Rates Today – 9 June 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.0000</li>
<li>ZWL$ to RAND: 0.7346</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates:
<ul>
<li>OMIR $54.85</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $49</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $46.5</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $45</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $35.7</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

Official Bank Rates & Black Market Exchange Rates Today – 15 April 2020

he current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.0000</li>
<li>ZWL$ to RAND: 0.7257</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates:
<ul>
<li>OMIR $60.61</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $39</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $36.5</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $36</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $28.4</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

Official Bank Rates & Black Market Exchange Rates Today – 2 April 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.0000</li>
<li>ZWL$ to RAND: 0.7195</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates:
 
<ul>
<li>OMIR $62.29</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $38.5</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $37.5</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $36</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $28.1</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

Official Bank Rates & Black Market Exchange Rates Today – 31 March 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 17.3868</li>
<li>ZWL$ to RAND: 0.8628</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates:
<div class="mR6OoxRI">
<ul>
<li><a href="https://news.pindula.co.zw/subscriber-daily-newsletter/" title="Newsletter Subscription">Subscribe to Pindula Newsletter here</a></li>
</ul>
</div>
<ul>
<li>OMIR                                     40.82</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com</a> 24.60</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> 24.40</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> 24.30</li>
<li>USD to BOND: <a href="http://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> 19.10</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

Official Bank Rates & Black Market Exchange Rates Today – 03 February 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 17.0662</li>
<li>ZWL$ to RAND:  0.8436</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates:
<ul>
<li>OMIR                                         26.46 </li>
<li>USD to ZWL$ zimrates.com      23.9</li>
<li>USD to ZWL$ zwl365.com        23.5</li>
<li>USD to ZWL$ bluemari.info      23.3</li>
<li>USD to ZWL$ rbz.co.zw            17.06</li>
<li>USD to BOND zimrates.com     17.4</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

Official Bank Rates & Black Market Exchange Rates Today – 16 January 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 16.2300</li>
<li>ZWL$ to RAND: 0.8452</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates:
<div class="fnt24wJv">
<ul>
<li>OMIR                                       25.55</li>
<li>USD to ZWL$ zimrates.com   22.8</li>
<li>USD to ZWL$ zwl365.com     22.3</li>
<li>USD to ZWL$ bluemari.info  20</li>
<li>USD to ZWL$ rbz.co.zw         16.70</li>
<li>USD to BOND zimrates.com  16.6</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>
</div>

Official Bank Rates & Black Market Exchange Rates Today – 27 December 2019

Renowned economist, Steve Hanke yesterday said Zimbabwe was of the brink of a death spiral. Using microblogging site Twitter, Professor Hanke quoted Mthuli Ncube’s Tweet that said the exchange rate of the Zimbabwe Dollar to United States Dollar is way undervalued. Hanke then said Mthuli Ncube was delusional: 
<blockquote><a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-1ny4l3l r-1ddef8g r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/Zimbabwe?src=hashtag_click" role="link">#Zimbabwe</a>‘s Finance Minister Prof. <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/MthuliNcube" role="link">@MthuliNcube </a>is totally delusional. His calculation of the real exchange rate is utter rubbish. Clear evidence that Zimbabwe is in the grips of a death spiral.</blockquote>
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/Zimbabwe?src=hash&amp;ref_src=twsrc%5Etfw">#Zimbabwe</a>‘s Finance Minister Prof. <a href="https://twitter.com/MthuliNcube?ref_src=twsrc%5Etfw">@MthuliNcube</a> is totally delusional. His calculation of the real exchange rate is utter rubbish. Clear evidence that Zimbabwe is in the grips of a death spiral. <a href="https://t.co/Ji1oGIE2EP">https://t.co/Ji1oGIE2EP</a>
— Prof. Steve Hanke (@steve_hanke) <a href="https://twitter.com/steve_hanke/status/1175851322567839744?ref_src=twsrc%5Etfw">September 22, 2019</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script>
Mthuli earlier in the day yesterday had given <a href="https://news.pindula.co.zw/2019/09/22/zimbabwe-dollar-is-undervalued-against-the-usd-finance-minister/">a theoretical explanation of the exchange rate</a> in a tweet a move that was met by sour responses from some Zimbabweans.
<blockquote class="twitter-tweet">
The exchange rate of the <a href="https://twitter.com/hashtag/Zimbabwe?src=hash&amp;ref_src=twsrc%5Etfw">#Zimbabwe</a> Dollar to United States Dollar is way undervalued. The exchange rate of Zim$ to US$ should be around 6 at the moment, on the basis of the real exchange rate (RER) relative to the South African Rand. <a href="https://t.co/vUWBvA9aXN">pic.twitter.com/vUWBvA9aXN</a>
— Prof. Mthuli Ncube (@MthuliNcube) <a href="https://twitter.com/MthuliNcube/status/1175792048663871489?ref_src=twsrc%5Etfw">September 22, 2019</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script>
Hanke’s comments on Zimbabwe’s finance minister’s utterances came a few days after <a href="https://news.pindula.co.zw/2019/09/21/black-market-exchange-rates-slows-down-the-herald/">the country saw a surge in black-market exchange rates</a> a move which prompted the RBZ to swoop in swiftly and f<a href="https://news.pindula.co.zw/2019/09/22/sakunda-holdings-access-finance-croco-motors-and-spartan-securities-were-pouring-1-billion-into-the-black-market-to-mop-up-the-us-report/">reeze accounts of companies they said were responsible for the exchange rate running away. </a>
Source Twitter.

Zimbabwe Is In The Grips Of A Death Spiral - Steve Hanke

As the currency situation deteriorated last week, the RBZ reportedly froze accounts belonging to Sakunda Holdings, Access Finance, Croco Motors and Spartan Securities. According to The Standard, the decision to freeze these accounts initially came on Wednesday after the Financial Intelligence Unit reportedly picked information that the companies identified were the ones pouring in over $1 Billion into the black market to mop up the USD.
Sakunda is allegedly owned by the president’s ally Kuda Tagwireyi while Spartan is reportedly owned by Mnangagwa’s nephew Tarisai Mnangagwa. RBZ Sources that spoke to the publication said:
<blockquote>A memo was drafted and sent to the Presidents’ Office for approval. It detailed security risks that the country faced if the exchange rate was not dealt with. It stated that President Emmerson Mnangagwa’s administration could be in trouble as the exchange rate movement was now causing havoc in the economy.
An emergency meeting was held by the FIU team to look into the situation amid fears that by Friday, runners for these firms were vowing to take the rate to US$1: Z$30. A decision had to me made instantly and two options were available: either to use the Zanu PF youth league deputy secretary Lewis Matutu to name and shame those behind the ‘heinous act’ or to instruct a freeze of their accounts.
The president was made aware of the decision considering that two of his close allies were involved, Tagwirei and Tarisai Mnangagwa (Spartan Securities), a nephew, as well as a member of his close security He did not object, especially after being told that if the matter was not dealt with urgently, it could cause an uproar. He said ‘as long as it was in the national interest, it must be done.</blockquote>
The rate tumbled to US$1: Z$15 on Friday night after a rumour went out that those accounts had been frozen. According to The Standard, The money being bought by these guys’ runners was supposed to be used to buy command agriculture inputs and flashy cars for ministers. The RBZ order to freeze these accounts has since been lifted according to the Standard but the information is not verified.
More: <a href="https://www.thestandard.co.zw/2019/09/22/currency-collapse-ed-swoops-ally-nephew/">The Standard</a>

Sakunda Holdings, Access Finance, Croco Motors and Spartan Securities Were Pouring $1 Billion Into The Black Market To Mop Up The US - Report

The president has said he will soon engage with businesses to address malpractices in the industry like constantly hiking prices. The President said it is not his wish for the government to be involved in business operations but clear failure has been noted. Said Mnangagwa:
<blockquote>Soon, I shall be calling for a meeting with the business community so we agree on clear ground rules which ensure fair play in the market. It is not the intention of Government to interfere with the operation of business. However, where clear failures become evident and rampant in the market, the hand of Government will inevitably show. To avoid this, I urge our business community to demonstrate leadership, empathy and patriotism while recovery takes root</blockquote>
The president also noted that wages were eroding on a daily basis as he said price increases were unjustified against static or declining wages:
<blockquote>The whole situation becomes completely unjustified and untenable when only prices of basic commodities continue to escalate against static or even declining wages. Surely a generalised price escalation should and must have a bearing on wage levels in the economy.</blockquote>
ED urged businesses to act within the “broader goal of economic recovery, tripartism and sustainable long-term macro-economic stability“. The latest wave of price increases was caused by a rapid increase in the black market exchange rate that saw the RTGS$ trading at almost $21 per dollar these past few days.
More: <a href="https://www.herald.co.zw/price-hikes-ed-to-engage-business/">The Herald</a>

ED To Engage Businesses Over Price Hikes - Report

The Herald claims that black market Topsy Turvey currency madness have slowed down with rates coming down to RTGS $16 for $1 USD as of yesterday evening. The steep exchange rate had caused a sharp increase in prices of some goods and services as some retailers peg their prices against the greenback.
An unconfirmed claim published by The Herald reiterates that the RBZ stepped in to squash the rate madness:
<blockquote>However, the market was awash with rumours that the RBZ had cracked the whip on bureaux de change and firms, thought to be fuelling the runaway exchange rate. A statement purportedly from the RBZ circulated widely on social media yesterday suggesting the apex bank had moved to freeze the accounts of some companies.</blockquote>
An Economist who spoke to The Herald said he thinks the RBZ stepped in to tame the jungle and instil discipline in the market. Another economist said maybe whoever was pushing the rate up has bought enough money hence the decline in demand for it:
<blockquote>University of Zimbabwe (UZ) economics lecturer Mr Tamuka Joel Mukura suggested that whoever was feeding onto the market could have bought enough US dollars, hence the decline in rates.
He said “speculation” that some companies were buying money to import raw materials ahead of the 2019-2020 agriculture season could have pushed up the rate</blockquote>
Rates remain high in some parallel market groups with people buying the USD at $20.30 per dollar as of last night.
More: <a href="https://www.herald.co.zw/topsy-turvy-currency-madness-slows-down/">The Herald.</a>
<blockquote> </blockquote>

Black Market Exchange Rate Madness Slows Down - The Herald

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 11.2659</li>
<li>ZWL$ to RAND:1.3122</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zi</a><a href="https://rbz.co.zw/">mbabwe</a>
Black Market Rates:
<ul>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com</a> 14.80</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> 14.80</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> 14.60</li>
<li>USD to BOND: <a href="http://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> 10.50</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

Official Bank Rate & Black Market Exchange Rates Today – 09 September 2019

<div class="textwidget custom-html-widget">The current bank exchange rates for the ZWL$ today are as follows</div>
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<li>USD to ZWL$: 11.1722</li>
<li>ZWL$ to RAND: 1.3312</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zi</a><a href="https://rbz.co.zw/">mbabwe</a>
<h3>Black Market Rates:</h3>
<ul>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com</a> 13.80</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> 14.00</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> 14.20</li>
<li>USD to BOND: <a href="http://www.zimrates.com/">zimrates.com</a> 9.80</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>
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