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Interbank RTGS Rate Going Up, Will It Match The Parallel Market Soon?

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Zimbabwe Hyperinflation money changer dealer forex trader

In the past few days the rate of exchange between the recently introduced RTGS$ and the US dollar has been steadily increasing at the interbank foreign exchange market. When trading started a couple of weeks ago, the rate was set at 1:2.5 (USD:RTGS).

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The rate seemed stuck there for a little while but movement has been noticeable in the past few days. Today the rate is at about 1:2.65. The RBZ governor said he expected the RTGS dollar to grow a little weaker in the short term and then firm up against the USD in the medium term.

Rates on the parallel market have been fairly stagnant, with a US dollar being traded for about RTGS$3.55. Looks like the official market is catching up to the parallel market.

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The central bank is not releasing volumes of trade in any consistent manner. When the governor appeared before the parliamentary committee on finance he mentioned that to date $12 million had been traded.

Daily interbank rates


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