Zimbabwe Dollar Firms Against The USD In October

Last updated on September 11th, 2021 at 03:14 pm

The Zimbabwe dollar has shown signs of stability in October, with the local currency shedding 3.1 per cent of its value against the greenback on the interbank market.

As of September 30, 2019, the official USD/Zimbabwe dollar official rate was 15.1979 and fell to”only” 15.6467 as of October 31, 2019.

Some financial experts have opined that the Zimbabwe dollar’s real point of equilibrium is around 7 to the US dollar.

When the Reserve Bank of Zimbabwe (RBZ) floated the exchange rate and introduced the interbank market on February 22 this year, the Zimbabwe dollar rate was pegged at 2.5 against the US dollar.

Between February 2019 and September 30 2019, the local currency had depreciated by 84 per cent from the initial rate of 2.5 to 15.1979.