Zimbabwe Black Market Gap Vanishes After Central Bank Intervenes
- Central bank tightened regulations for bureaux de change
- Exchange rate was pegged at parity to U.S. dollar in February
Zimbabwean one dollar coins, nicknamed “zollars”
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
The gap between Zimbabwe’s black market and official currency rates vanished after the central bank tightened regulations on trade in foreign exchange by bureau de change operators.
On Monday, black market rates for the Zimbabwe dollar ranged from 14.7 to 15 to the U.S. dollar, according to Marketwatch.co.zw., a site run by financial analysts. The official rate was at a record low of 14.91, according to the Reserve Bank of Zimbabwe. The central bank said on Sept. 21 that bureau de change rates would need to be within 7% of the official rate after they slumped to as low as 23 to the U.S. dollar.