05-19-20 by Spotlight Zimbabwe

Zimbabwe Dollar Plummets On The Parallel Market Ahead Of The Release Of $10 Banknotes

 

The Zimbabwe dollar has continued to lose ground against the US dollar on the parallel market since the Reserve Bank of Zimbabwe (RBZ) announced that $10 and $20 banknotes will be released this week.

According to zimrates.com, the black market exchange rate had moved significantly by the end of the day on Monday. The rates were as follows:

OMIR 83.13
USD / ZWL$ 57
USD / ZWL$ (interbank) 25
USD / BOND 41.6

On Friday, 15 May 2020, the rates were as follows:

OMIR 69.29.13
USD / ZWL$ 49
USD / ZWL$ (interbank) 25
USD / BOND 37.20

In a statement on Friday last week, RBZ governor John Mangudya said the new $10 and $20 notes will come into circulation this week. Part of the statement read:

The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the $10 and $20 dollar banknotes issued on 14 May 2020 through Statutory Instrument 103A of 2020, will come into circulation as follows:

  • The $10 banknote will commence circulating on Tuesday 19 May 2020; and
  • The $20 banknote will be in circulation by the first week of June 2020.

… the Bank also advises that it has revised withdrawal limits upwards from $300 per week to $1000 per week with effect from 19 May 2020.

Banks have been directed to ensure that the withdrawal limits are strictly observed. The Bank will not tolerate any abuse of currency and will decisively deal with any such abuse in terms of the law.

 

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  • These Imbeciles in Government don’t understand the most basic of things !
    We have NO ECONOMY !
    YOU CANNOT IMPOSE YOUR OWN BABOON CURRENCY ON A NATION WHEN YOU HAVE DESTROYED IT’S FUNCTIONING AGRICULTURAL ECONOMY !
    It will simply fail….
    Zanu PF have turned us into a Nation of ‘Muriwo’ vendors thanks to their prostitution of Zimbabwe to the Chinese !
    Has anyone of these idiots even taken a walk through our industrial sites and seen the ruination their idiot policies have caused ?
    THEY WERE TOLD, ‘RESTART YOUR AGRICULTURAL ECONOMY’….did they LISTEN ???…..
    I think NOT !

  • i saw zanu pf’s demise
    mugabe is back

  • This new money is useless and one big stinking scandal. The reserve bank, should take a reserve seat because under Mnangagwa and Mangudya, our monetary policy has been reduced to a growth point auction. Inflation will soon be out of control, and the elites shall continue running this country beyond it’s grave economic grave!

    • My opinion is that while its easy to blame the Govt and RBZ, the citizenry should also try to think not only outside the box, but to actually think as if there is no a box at all. The situation in Zim is an already planned situation and now being controlled and manipulated towards the intended goal of having regime change. Think of Economic Structural Adjustment Program (ESAP) in the early 90s. What did it achieve. So, nothing good will Zim govt do will be appraised. Look at the living standards of Zambia, Malawi, or Mozambique. Are they better off than us. But look at their patriotism on their currency, South Africa included. Why are we not doing the same. Instead, we rush to condemn whatever money sign is introduced and call the US dollar to b used. In fact, is Zim not US dollarised indirectly. And are there any signs and symptoms of economical recovery. WHY. We are assisting our enemy to fight us to achieve their goal and I wonder what will become of us in the unlikely event that the enemy succeed to defeat us.

      • U are crazy go to hell with your gvnment of crooks

      • Patriotism does not mean supporting looters. Before you raise useless points with no basis at all to attack the ordinary people who have seen their wealth reduced to nothing by a few corrupt individuals who have externalized forex out of the country, go read the Auditor General reports for the past 5 years and ask ZACC where is at least the US$7 Billion externalized by Greedy corrupt politicians & business mafia in Zimbabwe led by cartels? Otherwise shut up

      • Gomo, your thinking is not for this platform. This platform is for shallow minded people seeking to be employed by those mafias from the West. A person who enjoys the arrival of an investor to come and take all the wealth from you and in return give you a job. He pays you to assist him to steal from you. If people could understand what investment is all about….. We as Zimbabwean we have shallow minds. A person can come from outside with USD250mil and we call him an investor… Can’t we form cooperatives and raise that 💰 as ordinary people and venture into that industry. Let us participate in our economy. Poor people don’t have a voice… Voting does not work… Have wealth and people will listen..

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