Zimbabwe: Exchange Rate Upward Pressure On

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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