When the interbank foreign currency market was introduced we all kind of knew that it was never going to match or replace the parallel market for the trading of forex.
The RBZ governor introduced the rate at USD/RTGS 1:2.5 and claimed that the parallel market rate which was 1:4 would come down. We called this ambitious and the few months of history between then and now prove that ambitious was a gross understatement.
Now, unfortunately we all have to keep chase of at least four rates:
- The Black Market USD:RTGS rate: The most important since most of our money is in mobile wallets and bank accounts
- The Black Market USD:Bond rate: You get a lil more USD if you have bond notes cash but these are are more scarce than USD notes if you ask me
- The Interbank USD:RTGS rate: We just follow this to see how wide the gap is between our reality and the lala land the authorities reside in. We also follow it to estimate how much companies like ZOL will charge us.)
- The Old Mutual Implied Rate OMIR: Well this one is usally close to the black market action, sometimes below, sometimes above. It just tell;s us that the formal economy agrees more with the black market than with the government.
We give you all the rates easily on WhatsApp
So to easily check the current rates at any time just save the Techzim Market number: 0719696102. Anytime you want some bit of stress and know what’s happening with the RTGS$ in your account just WhatsApp the word Rate to that number.
The shortcut link to do this right now: http://wa.me/263719696102?text=Rate
Don’t say ‘we don’t got you…’