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The recent launch of the Zimbabwe Gold (ZiG) currency by the Reserve Bank, backed by gold and other precious metals, along with foreign currency reserves, has provided scant relief for long-suffering consumers who continue to grapple with price increases.
ZiG is already circulating on the market electronically, but the release of banknotes and coins, preferred by the majority of traders who don’t have bank accounts, was delayed by 21 days.
The RBZ has pledged to drip-feed the notes and coins into the market starting on 30 April 2024.
According to a <a href="https://www.newzimbabwe.com/zimbabweans-short-changed-as-zig-new-currency-resistance-grows/">NewZimbabwe.com</a> report, shops across the country favour the US dollar for transactions, with some linking ZiG prices to the volatile street rate.
Some retailers especially the major retail chains are displaying prices in both USD and ZiG dollars at the official exchange rate, while others are pegging prices using illegal exchange rates.
The official interbank rate stands at US$1: ZiG13.44 but some retailers are transacting using rates as high as ZiG19.00.
According to a snap survey carried out by NewZimbabwe.com, at Gain Cash and Carry, owned by National Foods, a 10-kilogram packet of mealie meal was priced at ZiG107 while in US$ it was being sold at US$6.20.
The same product at TM Pick n Pay was selling at US$6.97 while in local currency it had been pegged at ZiG92.70
Mohammed Mussa displayed signage accepting the local currency but reportedly refused to accept the transactions at till points.
A cashier at one of the four operational tills said the system had been down since Thursday morning. On Friday morning and later in the afternoon, the system “was still down.”
However, an unsuspecting worker at the wholesaler told the publication that they were yet to accept ZiG currency payments. Said the employee:
<blockquote>
Pafeya chaipo muno ZiG haritodiwe. Kungoisawo hedu notice incase law enforcement agents walk in. (To tell you the truth, we are only displaying as you can see but ZiG is not accepted here. But you can go to the cashiers and ask).
</blockquote>
This practice by unscrupulous businesses leaves many Zimbabweans, who earn their salaries in local currency (wholly or in part), at a disadvantage.
Confederation of Zimbabwe Retailers (CZR) president, Denford Mutashu advised consumers to report to authorities when shops reject ZiG or use street rates. Said Mutashu:
<blockquote>
The issue is sometimes we don’t even have airtime to call authorities. It will be a huge sabotage if any retailers are breaching the law, it is not nice and of course, we can always tip law enforcers.
So far, I have not used ZiG myself so I’m not very sure about the situation unfolding on the ground.
</blockquote>
Rosemary Mpofu, the chief executive officer of the Consumer Council of Zimbabwe (CCZ), said:
<blockquote>
CCZ is always in constant engagement with government especially on topical consumer issues. Our recent survey has observed that the big retail outlets have aligned with exchange rate requirements.
However it is the small retailers and tuckshops that continue to shortchange consumers through speculative tendencies, and they have been doing this even before the introduction of ZIG.
In that respect, we continue to engage government to enhance the enforcement aspect, further to that, CCZ continues to educate consumers on shopping tips and avoid service providers that use exorbitant rates.
We also recommend stiffer penalties or revoking licenses for those promoting speculative tendencies.
</blockquote>
The government has previously warned retailers against such practices, and the Financial Intelligence Unit (FIU) says it has frozen the bank accounts of 11 entities for refusing to trade in ZiG.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabweans Short-changed As Resistance To ZiG Persists

The newly introduced gold-backed Zimbabwe Gold (ZiG) currency is sliding on the black market even though it has marginally gained value against other currencies since its launch earlier this month.
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanahu launched ZiG on April 5, with the new currency trading at 13.56 to the U.S. dollar, before firming to 13.34, as of 17 April.
However, according to <a href="https://www.voanews.com/a/zimbabwe-new-gold-backed-currency-sliding-on-black-market/7572007.html">VOA’s Columbus Mavhunga</a>, reporting from Harare, Zimbabwe’s capital, ZiG is now trading at around 20 on the black market.
Chamunorwa Musengi, a street vendor in Harare, told VOA said he does not see ZiG boosting the economy because “We been through this before.” He said:
<blockquote>
Let’s wait and see. Maybe it will boost our economy for some time. But I do not see anything changing with the new currency, because things are really tight at the moment. We have been through this before.
When they introduced bond notes, things stabilized for a short time and then it started sliding on the market. They are saying ZiG is around 13 — it will end up around 40,000 against the dollar.
</blockquote>
For the moment, ZiG is trading electronically, with notes and coins coming into circulation on April 30.
In Zimbabwe, on the streets and in the informal market, plastic money and banknotes do not have the same value.
For instance, the discredited RTGS had slid to around 40 000 per USD when ZiG was introduced, while bond notes were changing hands at only 7 000 per US$1.
Bond notes refer to the physical version of the currency which was launched in 2019 (RTGS) after a decade of Zimbabwe using the U.S. dollar and other currencies.
Samson Kabwe, a kombi conductor, says he cannot wait for the physical notes and coins of ZiG to be released. He said:
<blockquote>
We are for ZiG, especially for change. We had no small notes for change. If ZiG notes and coins come, the government would have done a great thing. We want it like now.
</blockquote>
Meanwhile, Gift Mugano, an economics professor, is not optimistic about the new currency and believes it will go the way of the Zimbabwe dollar. He said:
<blockquote>
[In] 2016, we introduced bond notes which were backed by an Afreximbank (African Export-Import Bank) facility of $400 million.
Afreximbank is an international bank with a reputation. However, that was not sufficient to guarantee the success of the bond notes. So it failed. Right? Why are we failing to guarantee stability?
There is no sustained production in the economy because you defend the economy with production. 
Secondly, confidence issues. People do not trust this system because we have lost money several times.
</blockquote>
Mushayavanhu insists ZiG will succeed because it is backed by reserves of gold and other minerals worth $175 million and $100 million cash. He said:
<blockquote>
We are doing what we are doing to ensure that our local currency does not die. We were already in a situation where almost 85% of transactions are being conducted in U.S. dollars because [the] local currency was not living up to the function of store of value.
We are going to restore that store of value so that we can start reviving our currency. So, we are starting at $80 million worth, and as we get more reserves, we will gradually be moving towards greater use of the local currency.
It is my wish that if we get to the year (end) at 70-30, next year 60-40, and the year after 50-50; by the time we get to 50-50 people will be indifferent as to which currency they are using. That way we regain use of our local currency.
</blockquote>
The central bank said for now, commodities like fuel will still be bought and sold using U.S. dollars.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZiG Losing Value On Black Market

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu said that he will permanently eradicate the foreign currency black market following the introduction of the gold-backed currency, Zimbabwe Gold (ZiG).
Arguably, Zimbabwe’s black market determines the exchange rate, and according to the RBZ’s October 2021 report, the informal market controlled an estimated US$500 million.
Independent estimates say the informal black market now controls over US$2.5 billion, which fuels the parallel market.
Speaking in an interview with the <a href="https://newsday.co.zw/theindependent/local-news/article/200025514/ill-crush-the-black-market-rbz-boss-vows-to-smash-us25bn-menace-bring-stability">Independent</a>, said businesses that have genuine forex needs should approach their banks to convert their ZiG into foreign currency. He said:
<blockquote>
What I can tell you is that the days of illegal money changers are numbered. ZiG is fully convertible. If you have a genuine need for forex.
Let us say you have an invoice to pay in forex, you go to your bank and that forex will be available to you and they debit your ZiG account if you have the money in the account.
The only people who are likely to go to the parallel market are people, who are buying ZiG for illegal purposes, who are buying US dollars for illegal purposes.
But if you have a legal genuine need, there is absolutely no reason why you should go to the parallel market.
</blockquote>
The central bank closed the forex auction system, which had struggled to honour allotments and switched to a market-determined exchange rate. Said Mushayavanhu:
<blockquote>
The exchange rate determination, going forward under ZiG, is going to be market-determined, just like we have done since January.
But you will find that because there will be a demand for ZiG, ZiG might actually strengthen instead of going the other way.
I am sure you have seen what we put in the monetary policy statement. Come the next QPD (quarterly paid dates) in June, 50% of the QPD dues are going to be paid in ZiG.
There is only US$80 million worth of ZiG in circulation in this market, 50% of QPDs are way in excess of US$80 million. There is going to be a huge demand for ZiG.
I have been saying if I were you, I would start accumulating ZiG now. Because you might find that by the time we get to June, it will be so expensive that you will be losing out.
All I can say to Zimbabweans is that ZiG is the future, ZiG is a stable currency. If you do not get ZiG now, you will be looking for it as early as June this year. Everyone will be hunting for it.
</blockquote>
Mushayavanhu also dismissed claims that he owns shares in FBC Holdings, which would have made him ineligible to occupy the post of governor.
Last week Nesbert Munyuki and Valentine Ziko, co-leaders of the Zimbabwe National Students Union (ZINASU), wrote to President Emmerson Mnangagwa demanding that he revoke Mushayavanhu’s appointment, claiming he is a shareholder of FBC Holdings Limited.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mushayavanhu Vows To Destroy The Forex Black Market

The Reserve Bank of Zimbabwe (RBZ) has no control over the ever-rising black-market exchange rate according to the central bank’s senior payment systems analyst, Howard Tundu.
Tundu made the remarks while speaking at the Consumer Education and Awareness Campaign hosted by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) at Jerera Growth Point in Zaka, Masvingo Province. He said:
<blockquote>
As RBZ we cannot control what people do outside the official rates where they have their rates which they use for payments. We are only concerned about the Zimbabwe dollar.
</blockquote>
But Africa Economic Development Strategies executive director Gift Mugano told <a href="https://www.newsday.co.zw/local-news/article/200012491/we-cannot-control-black-market-exchange-rate-rbz">NewsDay</a> in an interview that the RBZ should be concerned about the parallel market rate. He said:
<blockquote>
The pricing regime in the market now is determined by the black-market pricing and the same black market is influenced by policy discord within the government.
The fact that the central bank controls the exchange rate on the auction system has been one of the drivers of distortions.
You can’t say you are only concerned about the official rate. They should be concerned about the black-market rate. This is a sign of accepting defeat.
</blockquote>
The Zimbabwe dollar is currently trading close to $4 000 to the US dollar on the parallel market.
This has resulted in price hikes and the shortage of some basic food items in supermarket shelves where they are sold in Zimbabwe dollars but the same goods are readily available on the informal market and being sold exclusively in US dollars.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Cannot Control Black Market Rates, Says Official

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) says it has been receiving reports of some traders engaging in illegal business practices in breach of the Bank Use Promotion Act [Chapter 24:24] and the Exchange Control Act [Chapter 22:05].
In a press statement issued on Saturday, 27 May, FIU said the reported violations of the law include the failure to bank business cash receipts, and refusal to allow customers the option to pay for goods or services in local currency.
FIU said some traders are converting prices using illegal and punitive exchange rates to discourage customers from paying in local currency and charging higher US dollar prices for customers paying using transfers from foreign currency accounts (FCAs).
FIU warned traders that the practices are not only criminal offences prosecutable in the courts of law but are also administrative violations punishable under the Bank Use Promotion Act and the Exchange Control Act.
FIU said it has already started identifying and bringing to book traders committing these violations. It added:
<blockquote>
On 24 May 2023, the FIU froze the bank accounts of 4 major distributors, namely Saxin Trading, Simrac Enterprises, Brainscope Investments and Munella Enterprises, that have been diverting basic commodities to the informal market while refusing to supply same to established retailers who pay for and sell goods in local currency.
The FIU noted that these errant distributors transact almost exclusively in foreign currency cash yet they do not bank the cash as required under the Bank Use Promotion Act.
The entities are being penalized and will further be referred to the Zimbabwe Revenue Authority for suspected tax evasion.
The FIU has also increased surveillance operations, identifying and taking punitive action against traders engaged in exchange rate manipulation and all other illegal practices.
</blockquote>
FIU urged members of the public to report any illegal business practices as described above, to the FIU WhatsApp hotline numbers: 0780 434 475 and 0719 207310.
The Government recently accused business of sabotaging its efforts in stabilising the economy.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Govt Punishes Four Companies For Diverting Products To The Black Market

A senior government official said that businesses should not use the parallel market exchange rate as a reference for pricing in the economy as it constitutes only a small fraction of cumulative trade volumes.
The Zimbabwe dollar is currently trading above $1 000 per US$1 on the parallel market, while the official rate is US$1:$779.
Businesses have been accused of indexing prices to the parallel market which, in turn, has fuelled runaway inflation.
Ministry of Finance and Economic Development Permanent Secretary George Guvamatanga said that the parallel market accounted for less than 10 percent of foreign currency traded in the economy last year. He said:
<blockquote>
I have indicated that the percentage of the black market (to total forex traded) is less than 10 percent.
If you look at the inflows that came in the Reserve Bank (of Zimbabwe) reports, of US$12 billion traded, maybe only US$1 billion was traded on the parallel market.
All the other funds are traded through FCAs, auction, and willing-buyer, willing-seller systems.
So, why are we keen to use parallel exchange rate marginal pricing, even if someone comes to you with the argument that they are not getting forex from the auction?
You know what? We want to give so much credit to this parallel market, but when you actually look at it, this parallel market only accounts for about 10 percent of the total foreign currency traded in the economy. The bulk of it comes from the auction, interbank and FCAs.
It (parallel market) then becomes the anchor (of pricing), which is a theorem of marginal pricing because even if you take the 10 percent and do weighted price, the rate is still probably around $840:US$1.
</blockquote>
Guvamatanga said foreign currency inflows have been rising and under normal circumstances, this should keep the forex rate stable. | <a href="https://www.sundaymail.co.zw/indexing-prices-to-black-market-improper">The Sunday Mail</a>

Indexing Prices To Black Market Rate Unjustified, Says Guvamatanga

The Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) says it has blacklisted six contractors that were doing business with the Government for trading on the foreign currency black market.
The FIU has also frozen the bank accounts of five leading wholesalers for overcharging.
Speaking to State media, FIU director-general Oliver Chiperesa warned that they take stern action against companies involved in the parallel market. He said:
<blockquote>
So far, we have identified six or so (contractors) that we have taken action against, including referring to the Ministry (of Finance and Economic Development) for blacklisting. We expect the stability to continue.
I think Government suppliers are no longer really getting involved in the parallel market because they are aware of the consequence.
It’s only a few that are still doing it and we have taken stern action against those by freezing their accounts and referring them to the ministry.
So, following the action taken by the ministry last year, we continue to refer more companies periodically, as and when we find them.
</blockquote>
Last year, the Government blacklisted 19 suppliers and contractors for trading on the foreign currency black market.
Chiperesa said the FIU has frozen the bank accounts of five leading wholesalers for overpricing through forward pricing. He said:
<blockquote>
We are not confining ourselves to the parallel market drivers only, but also to wholesalers who are overcharging.
So far, in the last two weeks, we have frozen the accounts of five major retail and wholesale shops pending further investigations.
We are continuing with our work. Our teams are out there identifying more companies and entities that are doing the same.
There is really no excuse for the companies to be using parallel market rates at all at this stage with the near convergence that we have enjoyed over the last few months between the parallel market and official rates.
It’s just greediness that is driving some of these companies to do that.
</blockquote>
Some companies that are reportedly mopping up US dollars on the black market are understood to be also benefitting from the RBZ foreign currency auction market. | <a href="https://www.sundaynews.co.zw/rbz-blacklists-companies-11-firms-sanctioned-over-black-market-deals-overpricing-same-firms-reportedly-benefitting-from-rbz-auction/">The Sunday News</a>

RBZ Sanctions 11 More Companies Over Black Market Deals

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

Various organisations have criticised the Zimbabwe United Passengers Company (ZUPCO) for increasing intra-city fares to $800, which ZUPCO also says would be equal to one United States dollar.
The official exchange rate announced by the Reserve Bank of Zimbabwe last Tuesday is about $635 to the greenback, while the black market rate is $800.
Zimbabwe National Organisation of Associations and Residents Trusts (ZNOART) Chitungwiza chairperson Obert Matsika said:
<blockquote>
How can they charge USD at the black-market rate? It must charge fares using the bank rate.
</blockquote>
National Consumer Rights Association spokesperson Effie Ncube said:
<blockquote>
The fact is that the Zimbabwean dollar is worth less than what the government would like citizens to believe.
The government-dictated rate is completely out of touch with the realities on the ground.
</blockquote>
Zimbabwe Union of Drivers and Conductors president Frederick Maguramhinga said:
<blockquote>
It’s a move that shows the reality on the ground. Things are tough. It was going to be a burden for the government to continue to give fuel for free.
This also brings fair competition and it should be controlled to benefit the people.
</blockquote>
Chitungwiza and Manyame Rural Residents Association secretary Brighton Mazhindu said:
<blockquote>
They forced operators to charge in local currency yet spare parts are charged in USD. 
So, most operators only joined for free diesel and they didn’t service their routes.
</blockquote>
A memorandum, which was signed by Tito Chirau, the Belvedere Depot manager, and addressed to all ZUPCO bus crews, announcing the new fares, also reveals that the bus crews are now mandated to buy their own fuel with effect from 10 November. | <a href="https://www.newsday.co.zw/business/article/200003147/zim-needs-450-megawatts-of-imports-to-fill-energy-gap-magombo">NewsDay</a>

ZUPCO Criticised For Hiking Fares

The Zimbabwe United Passengers Company (ZUPCO) last week raised intra-city charges to $800, which it also says would be equal to one United States dollar.
The official exchange rate announced by the Reserve Bank of Zimbabwe last Tuesday is about $635 to the greenback, while the black market rate is $800.
A memorandum, which was signed by Tito Chirau, the Belvedere Depot manager, and addressed to all ZUPCO crews, read:
<blockquote>
You’re being advised to revert to the gazetted fare of $800 on all peri-urban routes with effect from November 4.
For passengers willing to pay in USD, crews are urged to accept US$1 for a journey without an extra charge having to be passed to avoid fare distortions.
Passengers paying in USD should be given a ticket matching the $800. You’re now mandated to buy your own fuel with effect from November 10 as all highway buses are doing.
</blockquote>
Meanwhile, ZUPCO buses’ presence on urban routes has greatly diminished after the government reversed its move to bar private transporters at the onset of the COVID-19 pandemic in 2020.

ZUPCO Now Using Black Market Rates

Finance and Economic Development Deputy Minister Clemence Chiduwa has said the public has lost confidence in the Zimbabwe dollar therefore people are converting their earnings to US dollars on the black market to avoid a repeat of 2008 where hyperinflation decimated their savings.
Speaking in Parliament on Thursday, Chiduwa said demand for US dollars has caused the exchange rate to skyrocket on the parallel market and this has also pushed up prices as traders follow the black market rate. Said Chiduwa:
<blockquote>
What really is driving the black market rate? These are behavioural legacy issues to say we encountered this in 2008 and we are using the US dollar as a store of value. The moment someone gets a Zimbabwe dollar, they immediately change it to the US dollar.
People are saying the moment I get money, I should convert it to US dollars, but because of benchmark pricing, it has filtered to pricing models in the shops where you see that the pricing model is now following the parallel market rate.
As a result of that, it is now affecting the livelihoods of our people. We have said in order to cushion our people as we try to get long term solutions, we have come up with the payment that we are now giving to civil servants in US dollars.
We are equally worried about the movement in the exchange rate. We have said before that the movement in the exchange rate, especially on the parallel market, is not linked to fundamentals.
</blockquote>
In June 2019, the Government abandoned the multi-currency regime which had been in place since 2009 and re-introduced the Zimbabwe dollar.
However, economic commentators criticised the move saying the Government rushed the reintroduction of the local currency without necessary economic reforms and adequate foreign currency reserves.
The Zimbabwe dollar is trading at US$1 to $135 on the Reserve Bank of Zimbabwe (RBZ) auction system but on the parallel market, the rate is roughly US$1 to $250.
<h4>More: <a href="https://www.newsday.co.zw/2022/03/people-have-lost-confidence-in-zimdollar-minister/">NewsDay</a></h4>

Behavioural Legacy Issues Driving Black Market Rate - Minister

Zimbabwe’s security services have reportedly demanded that the Reserve Bank of Zimbabwe (RBZ)’s investigating arm, the Financial Intelligence Unit (FIU) be moved to the President’s Office for it to effectively combat illegal financial transactions stoking inflationary pressures.
A report by The Zimbabwe Independent claimed that members of the Joint Operations Command (JOC), recently held a “heated” meeting in Harare over the financial situation which they described as a “national security matter”.
JOC consists of securocrats drawn from the Zimbabwe Defence Forces (ZDF), Zimbabwe Republic Police (ZRP), the Central Intelligence Organisation (CIO) and Zimbabwe Prisons and Correctional Service (ZPCS).
JOC reportedly expressed concern about illicit financial activities that have resulted in the black market forex rate rising to US$1:ZW$240 while the official figures stand at US$1:ZW$124.
The Zimbabwe Independent reported a high-level security official as saying JOC is of the view that the forex black market is a potential security threat. Said the source:
<blockquote>
Three weeks ago there was a Joc meeting. Joc basically called FIU to order.
Intelligence demanded that FIU be moved to the President’s Office (CIO) because the forex black market is undermining the economy.
Some quarters in government are saying it is becoming a potential security threat.
So Joc is saying if FIU is failing to deal with the companies and people manipulating foreign currency exchange, give us the powers to act.
What this means is that FIU is going to become more brutal because they need to protect their reputation.
They (CIO) wrote a position paper arguing for the take-over of financial intelligence from RBZ.
They are saying FIU is not doing enough because these companies are committing crimes and no action is being taken.
The security bosses sought to understand why the FIU was ineffective in executing its duties.
There was an argument that the FIU has enough teeth guided by law to deal with the issue of financial indiscipline.
</blockquote>
Early this week, the FIU froze bank accounts for four companies namely Transerv, Electrosales, Halsted Brothers Ltd and Enbee Store, for alleged money laundering activities.
<h4>More: <a href="https://www.theindependent.co.zw/2022/02/25/securocrats-put-pressure-on-rbz/">The Zimbabwe Independent</a></h4>

Security Chiefs Put Pressure On RBZ Over Forex Black Market Activities

Economist and former Reserve Bank of Zimbabwe (RBZ) advisor, Eddie Cross, says the Government should open up the market for forex exchange in order to tackle parallel market exchange rates that are hurting the entire economy.
The black market exchange rate is currently hovering around US$1:ZWL$200, which is almost double the official exchange rate that was pegged at US$1:ZWL$108 when the last foreign currency auction was conducted on 14 December 2021.
Cross said the prevailing exchange rate could be benefitting a lot of businesses and forex traders but the depreciating Zimbabwe dollar renders civil servants’ salaries worthless. Said Cross:
<blockquote>
We have a definite problem and, in fact, in my view, this is the major issue, which confronts the Ministry of Finance in 2022.
The only way to collapse what they term BMR (black market rate), is in fact to open up the market for forex exchange and increase the volume of foreign currency being traded.
While the prevailing exchange rate could be benefitting a lot of businesses and forex traders who are likely to frown upon the move, the net effect is negative to the entire economy as it tends to render workers’ salaries useless.
Already, public sector workers are itching and lobbying for forex payments citing inflationary pressures, which erode their purchasing power.
Some banks are not in favour of that and the majority of businesses are making so much money out of the totally distorted situation.
So much that they do not want any changes to be effected. The Ministry of Finance has a very tough job on its hands because they virtually have to decide what is best for the country with the approval of the powers that be of course.
</blockquote>
<h4>More: <a href="https://www.chronicle.co.zw/parallel-market-rates-hurt-economy-cross/">Chronicle</a></h4>

Open Up Forex Market To Tackle Black Market Rates - Cross

Retailers and wholesalers have ignored warnings by the Reserve Bank of Zimbabwe’s (RBZ) Financial Intelligence Unit against pegging Zimbabwe dollar prices for their goods and services to black market exchange rates.
Despite the recent arrest of directors of some top companies over the black market rates issue, a survey by The Herald in Harare on Wednesday indicated that the majority of traders are using black market rates ranging from US$1:$150 to US$1:$200 when the official rate is US$1:$93.
National police spokesperson Assistant Commissioner Paul Nyathi reportedly refused to comment on the issue of enforcement, referring all questions to the RBZ.
Meanwhile, Confederation of Zimbabwe Retailers Association (CZRA) president Denford Mutashu confirmed the practice but called for dialogue between Government and the traders. He said:
<blockquote>
The continued foreign currency exchange rate challenges emanate from rising demand for foreign currency by both businesses that access foreign currency from the auction and those that source from the parallel market.
There is a need for a balanced approach as the recent extreme measures are currently leading to shortages of selected products as some manufacturers and suppliers slow down supply.
Applying the law on the pricing of goods and services in respect of businesses that are not sourcing foreign currency from the auction system like us, is tantamount to price control.
</blockquote>
Recently, RBZ warned businesses against currency manipulation saying the FIU was investigating allegations that had been raised against Chicken Inn and Bakers’ Inn on social media.
Chicken Inn and Bakers’ Inn were accused of using a black market rate of US$1:$200 when the official forex rate was below US$1:$90.
Last week, Best Zone Pharmacy and Farm and City were in court accused of violating the Exchange Control Act.
<h4>More: <a href="https://www.herald.co.zw/shops-continue-using-illegal-rates/">The Herald</a></h4>

Shops Continue Using Black Market Forex Rates

The government has expressed concern over the increase in prices of goods and services which is eroding civil servants’ salaries due to the use of black-market forex rates by businesses.
Some businesses are using rates as high as $200 for US$1, while the official rate is at $90.07 for US$1, which only a few are buying from a selected bureau de changes.
In an interview with State media on Tuesday, Public Service and Social Welfare Minister Paul Mavima said the Government is very sincere about the welfare of its employees.
He said the government has increased civil servants’ salaries twice amounting to a combined 75 per cent increment, but the gains have been eroded by the ever-increasing prices of basic commodities. Said Mavima:
<blockquote>
As soon as the Government increases their salaries, the salaries are eroded by increasing prices. There is therefore a need for a concerted effort at stabilising prices.
</blockquote>
He implored civil servants to be patient with the Government, saying the National Joint Negotiation Council (NJNC) is due to meet soon for the next round of negotiations on salaries.
Apex Council deputy secretary-general Gibson Mushangu urged the government to urgently cushion civil servants salaries, saying they are now earning “peanuts” due to unbridled price increases. He said:
<blockquote>
We have asked the Government to convene a meeting to map a way forward. We need to address the salary challenges we are facing as civil servants.
We need our salaries cushioned. We are in dire need of Government’s timeous intervention and that is why we are calling for a meeting because things are getting out of hand.
Yes from April to July civil servants got a salary increase of 25 per cent and in July they got a 50 per cent salary increase, but that is now peanuts because of the surge in prices of goods and commodities.
</blockquote>
<h4>More: <a href="https://www.chronicle.co.zw/run-away-blackmarket-rates-erode-civil-service-salary-gains/">Chronicle</a></h4>

Govt Sincere About Improving Civil Servants' Welfare - Mavima

The majority of businesses in both the formal and informal sector have reverted to black market rate pricing in defiance of Statutory Instrument (SI) 127/2021 compelling businesses to use the official bank rate.
A survey by Chronicle early this week revealed that shops such as Greens Supermarket were now using US$1:$120, 24-hour Spar is using US$1:$115, Oceans Supermarket US$1:$120 as opposed to the official US$1:$86 being used by the major retail chains such as OK Zimbabwe Limited and TM Pick and Pay.
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu defended retailers that are using the black market rates saying the RBZ auction system does not adequately cover most sectors. He said:
<blockquote>The foreign currency auction system is not accessible by all businesses and the sourcing of goods is also varied depending on what currency one is holding. This affects final pricing.
The blanket belief that the foreign currency exchange rate in its current state can be enforced is a bit distant from day-to-day realities within and outside business, formal and/informal.</blockquote>
The pharmaceutical sector also shared concerns raised by the retailers stating that most of them do not get allocations from the RBZ auction system.
Pharmaceutical Society of Zimbabwe (PSZ) president Portifa Mwendera said:
<blockquote>When we actually look at the list of companies that got forex from the auction system, it was a minority so the aggregate amount that was received by the sector was less than US$10 million in a country that is using close to US$200 million per year.
This is actually a small drop compared to what we need. We are lobbying that more money is allocated so that it meets the needs of the country.</blockquote>
Meanwhile, RBZ said its financial intelligence unit has identified 18 companies that have been abusing the foreign exchange auction system.
The forex abusers are National Foods (Pvt) Ltd, Georgia Petroleum (Pvt) Ltd, Tettola Investments (Pvt) Ltd, Africa Steel (Pvt) Ltd, Westville Investments (Pvt) Ltd (T/A Omni Africa), Flicknik Enterprises (Pvt) Ltd, Duo Valley Commodity Brokers, Faircclot Investments, GlenuLas Trading, Natural Stone Export Company, Nuvert Trading, Phirebrook Investments, Classic Energy, Clorex Energy, Explochem, Mutare Mart &amp; Exchange, Souzcre Fuels and Kimya Investments.
<h4>More: <a href="https://www.chronicle.co.zw/businesses-still-defy-official-bank-rate/" rel="noopener" target="_blank">Chronicle</a></h4>

Businesses Still Using Black Market Forex Rate

While addressing a Zanu PF meeting in Gweru, President Mnangagwa said they had to to be tough in dealing with the skyrocketing parallel market exchange rates that’s why they had to ban some EcoCash transactions and impose daily transaction limits, The Sunday Mail reports.
Likening their tough approach to using a staff to reprimand a child, the president accused Ecocash of economic sabotage and said:
<blockquote>We realised that Ecocash was behind all this so we studied this thing and got to their server and found everything, every corruption and takatora tsvimbo ndokurova, it was painful to others but we said we only allow limited mobile money and it must reflect in the account,
We were all confused as to what was happening until we set up a committee and we discovered there was up to $8,4 billion circulating outside the banking system, which money in financial terms, is phantom money, which is some sort of ghost money whose source no one knows,
We also discovered that there were people on the streets, a lodger who does not own a house but in his or her mobile phone there is $86 million, which he or she is trading, not employed, no one complaining of losing money, it was confusing</blockquote>
He also admitted the government is marred with corrupt activities but only pointed out that it was rampant in local authorities which are run by the opposition.
More: <a href="https://www.sundaymail.co.zw/president-clears-air-on-land-sa-envoys">The Sunday Mail </a>

Takatora Tsvimbo Ndokurova Ecocash - ED Says Ecocash Was Behind The Skyrocketing Exchange Rate

Chamu Chiwanza, who was once a ZIFA executive before he was expelled last year has claimed ZIFA is being run by mafia who he says must be stopped immediately, the Chronicle reports. Chamu made sensational claims that money is being withdrawn from ZIFA accounts in batches of USD$30 000 where it is channelled to the black market where it fetches a higher premium and ZIFA then uses a very low rate to pay creditors and people at ZIFA pocket the difference.
Speaking to the publication Chiwanza said he was treated unfairly by the association:
<blockquote>It’s common cause that my rights to be heard were trampled on in a deliberate act by Zifa because they knew their case was not only weak, but the hearing was going to be a huge embarrassment to the establishment. I was not told of the venue after the initial one was suddenly changed and when I asked why they changed the venue I got no answer, but more crucially the new venue was also not communicated to me or my legal team.
So you can see that the writing was on the wall in terms of what kind of judgment was going to be delivered by the disciplinary committee. Zifa is run by a cartel that has to be stopped.
(All the machinations were done to ensure there was no one within the executive committee that will make noise about the need for a forensic audit of the association’s books, hence Zifa vice-president Gift Banda was also suspended for calling for a forensic audit.)
Public funds are being embezzled there (at Zifa) and only a forensic audit will reveal the frightening magnitude of the fraud. It’s a well organised criminal activity. Some people are now taking their positions in the executive as a profession, which is salaried.
We are aware of daily withdrawals of US$30 000 in batches of US$10 000 which is then taken to the black market and after that a lower rate is used to pay creditors, while the difference goes into people’s pockets. No one can raise the red flag because probably most, if not all, are benefiting from such an arrangement,</blockquote>
ZIFA this week headlined for paying PSL clubs in the local currency after it received foreign currency from FIFA and CAF despite the government lifting the ban on foreign currency payment on domestic transactions.
More: <a href="https://www.chronicle.co.zw/zifa-now-a-mafia-cartel-chamu-chiwanza-2/">Chronicle </a>

Money Is Being Withdrawn From ZIFA Accounts And Being Sold At The Black Market & A Lower Rate Is Used To Pay Creditors - Chamu Chiwanza

Finance and Economic Development Minister Mthuli Ncube has defended the forex auction system saying the policy is meant to reign on “saboteurs” who are running the foreign currency black market.
Ncube made the comments during Thursday’s Senate Question and Answer session after senators had accused him of introducing policies that have become a security risk. Ncube said:
<blockquote>We are doing various things. Firstly, we have increased civil servants salaries by 50 per cent and this is a temporary cushion while a normal adjustment is taking place as we speak.
It is on the table. We have also added an allowance which is the US$75 for all the civil servants and again, that is meant to be an inflation protector during this difficult time.
… This is just a gesture from the employer to the employee to cushion them against the vagaries of inflation.
To be clear, the saboteurs are the people in the parallel market and not the policies.</blockquote>
Ncube said the government allowed the dual pricing of goods and services during the corona-induced lockdown to give consumers flexibility when they go about shopping and paying for goods and services as well as to manage money supply growth.
<h4>More: <a href="https://www.chronicle.co.zw/economic-policies-put-in-place-are-sound-but-economy-being-sabotaged/" rel="noopener noreferrer" target="_blank">Chronicle</a></h4>

Mthuli Ncube Shakes Off 'Saboteur' Tag

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6969</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $116.30</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $00.00</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $00.00</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $00.00</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $00.00</li>
</ul>

Official Bank Rates & Black Market Exchange Rates Today – 19 June 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6898</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $114.32</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $00.00</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $00.00</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $00.00</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $00.00</li>
</ul>
In a statement to clarify the unusual development, <a href="http://www.bluemari.info/" rel="noopener noreferrer" target="_blank">bluemari.info</a> said:
<blockquote>The Financial Intelligence Unit (FIU) has dealt what could be considered a death blow to the black market. Traders have gone to ground as of this morning.
To reflect the situation on ground bluemari will not reference any rates until we are able to re-establish the rates from sources.</blockquote>

Official Bank Rates & Black Market Exchange Rates Today – 18 June 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6864</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $112.70</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $00.00</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $00.00</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $00.00</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $00.00</li>
</ul>
In a statement to clarify the unusual development, <a href="http://www.bluemari.info/" rel="noopener noreferrer" target="_blank">bluemari.info</a> said:
<blockquote>The Financial Intelligence Unit (FIU) has dealt what could be considered a death blow to the black market. Traders have gone to ground as of this morning.
To reflect the situation on ground bluemari will not reference any rates until we are able to re-establish the rates from sources.</blockquote>

Official Bank Rates & Black Market Exchange Rates Today – 17 June 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6813</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $119.70</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $00.00</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $00.00</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $00.00</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $00.00</li>
</ul>
In a statement to clarify the latest development, <a href="http://www.bluemari.info/" rel="noopener noreferrer" target="_blank">bluemari.info</a> said:
<blockquote>The Financial Intelligence Unit (FIU) has dealt what could be considered a death blow to the black market. Traders have gone to ground as of this morning. To reflect the situation on ground bluemari will not reference any rates until we are able to re-establish the rates from sources. 
 
NB: These rates represent the obtaining exchange rate on the informal market and are for research purposes only. Trading on the informal market is illegal and risky. For current rates please visit your local bank or authorised forex dealer.</blockquote>
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 June 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6925</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $113.60</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $92</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $83</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $80</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $58.4</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 – 15 June 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6941</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $136.52</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $72</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $65.5 [29/05/20]</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $68</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $52.5</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 – 1 June 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6979</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $121.63</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $71</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $65.5</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $62</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $51.8</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 – 29 May 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6943</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $112.21</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $71</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $65.5</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $62</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $51.8</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 – 28 May 2020

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.6975</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates
<ul>
<li>OMIR $104.11</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $71</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $65</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $60</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $51.8</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 – 27 May 2020

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 $20 banknotes will be released this week.
According to <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a>, the black market exchange rate had moved significantly by the end of the day on Monday. The rates were as follows:
OMIR 83.13 
USD / ZWL$ 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:
<blockquote>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:
<ul>
<li>The $10 banknote will commence circulating on Tuesday 19 May 2020; and</li>
<li>The $20 banknote will be in circulation by the first week of June 2020.</li>
</ul>
… 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.</blockquote>

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

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 25.00</li>
<li>ZWL$ to RAND: 0.7402</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zimbabwe</a>
Black Market Rates: 
<ul>
<li>OMIR $69.29</li>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com </a> $50.50</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> $48.00</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> $45.00</li>
<li>USD to BOND: <a href="https://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> $36.8</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

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