According to the RBZ governor John Mangudya, at least US$500m is now circulating outside the formal banking channels which is double what is in the mainstream.
On the official market, the Zimbabwe dollar is pegged at ZW$87 against the US dollar, but on the parallel market), it trades at at ZW$170.The Zimbabwean government should first earn back respect for its currency before it tries to clamp down on its citizens.
In June, the government introduced a weekly foreign currency auction system from which companies could buy forex at the official rate instead of turning to the parallel market. According to RBZ governor John Mangudya, at least US$500m is now circulating outside the formal banking channels which is double what is in the mainstream. As such, the black market is more fluid.“All foreign exchange inflows are supposed to come into the country through banking channels and from the banks to the Reserve Bank at a given exchange rate in exchange for local dollars.
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