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Motorists in Bulawayo are shunning service stations which sell fuel in foreign currency and opting to fill their tanks from those charging in local currency as the exchange rate continues to shoot through the roof on the parallel market.
The Reserve Bank of Zimbabwe’s Financial Intelligence Unit is investigating the Ecobank Zimbabwe customer pictured with the $15 000 in new notes that he had withdrawn from the bank, to establish if the money was sold on the parallel market or paid to dairy farmers as he promised the bank he would do.
Finance and Economic Development Minister Professor Mthuli Ncube yesterday held an informal interaction with local and foreign journalists where he spoke on a wide range of issues prevailing in the country.
The crackdown on black market currency trading to curb a parallel market blamed for the spike in prices is not enough to address the problem, economists said yesterday.
The bond note continues to suffer heavy battering against the greenback on the parallel market, with its exchange rate touching new lows.
Zimbabwe’s foreign currency rates on the parallel market significantly declined yesterday from 70 percent to around 30 percent following an influx of returning Diaspora and rising confidence in the new government.