PARALLEL market rates continued tumbling yesterday with
US$100 which was recently being exchanged $600 falling to as low as $150 bond.
The rates started declining after Government guaranteed the
1:1 convertibility value of Real Time Gross Settlement (RTGS) balances into the
United States dollar as well as availability of the greenback for Nostro
foreign currency accounts.
By yesterday afternoon, exchange rates on the parallel
market had declined. This prompted some illegal dealers to hold on to their
foreign currency as they assess the situation.
Some people who had offloaded their bond notes yesterday
were counting their losses. The situation is expected to continue improving. Supply
of basic commodities like cooking and sugar also improved significantly
yesterday.
Some pharmacies were, however, selling drugs in foreign
currency. Confederation of Zimbabwe Retailers president Mr Denford Mutashu has
dissuaded consumers from panic buying.
“We urge consumers to calm down and not over spend due to
an unknown scenario that may never happen. We also encourage retailers to
continue monitoring the situation and impose restrictions on quantities. The
situation is now improving in some areas such as Gweru where people are now
calming down,” he said. Herald
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