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The Black market rates receded below ZWL$45 after some EcoCash Agents’ lines got blocked due to an RBZ Directive two weeks ago. Today, the US Dollar to Zim Dollar rate is between ZWL$50 and ZWL$55, signaling a continued loss of value of the Zim Dollar.
There’s speculation that the black market exchange rate will sharply shoot up when the new notes get into circulation and withdrawal limits are increased on Tuesday. The Black Market rate is also expected to increase when RBZ allows EcoCash to unblock its Agents’ lines.
Whilst the government wants to address cash shortages by introducing the new notes, as we once pointed, this has an unintended consequence of further depreciating the value of the Zim dollar.