Foreign currency parallel rates to tumble: RBZ

RESERVE Bank of Zimbabwe (RBZ) top officials yesterday insisted that the parallel market rates will soon tumble because the current balance of RTGS dollars in circulation cannot sustain the prevailing exchange rates.

The local currency has been in freefall since its introduction in February and subsequent policy pronouncements by monetary and fiscal authorities have done little to bolster confidence in the RTGS dollar.

With a limited supply of foreign currency on the official interbank market, business has turned to the black market to raise money for critical imports.

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