Zimdollar plunges after weekend gains

The value of the Zimbabwe dollar yesterday plunged against the United States dollar after stabilising at the weekend following the Reserve Bank of Zimbabwe (RBZ)’s decision to freeze bank accounts of four companies allegedly implicated in money-laundering activities.

The RBZ’s dramatic swoop on Sakunda Holdings, Access Finance, Croco Motors and Spartan Securities bank accounts following allegations of money-laundering and undermining of the local currency last Friday, somehow stabilised the local currency at the weekend.

That was after the Zimdollar lost value, trading at 1:23 by Friday from 1:14 at the beginning of the week on the parallel market.

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