There were signs this week that the grey market was slowly returning from its brief sabbatical following the monetary policy dawn raid of June 24 that called out the multi-currency regime sired in February 2009.
When the multi-currency was summarily repudiated by the executive arm of government, the grey market for foreign currency had the RTGS dollar hurtling at break-neck speed towards 15 to the US dollar. The alternative market, in what appeared to many observers as having received a mortal wound, had practically ceased trading, leaving the inter-bank market to call the shots.
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