Shops Now Using US$1 To ZWL$7 000 Street Rate – Biti

The street forex rate has moved to US$1: ZWL$7 000 according to academic Pedzisai Ruhanya, as the local currency continues depreciating at an alarming rate on both the official and unofficial markets.

Posting on the Twitter platform this Wednesday, Ruhanya said the movement of the rate shows that ZANU PF’s economic policies have dismally failed. He wrote:

1USD: ZWL$7000 exchange rate clearly shows ZANU PF economic FAILURE. FAILED ECONOMIC POLICY ON DISPLAY.

They can’t rig the economy. Even their new shadowy securocratic hybrid electoral manipulator FAZ cant manipulate the economy.

On Tuesday, former Finance Minister Tendai Biti said shops were using the US$1 to ZWL$7000. He said:

This evening some shops are now using a rate of 1US$ to ZWL$7000. Zimbabwe is now at that precipe where the exchange rate is now in the self-fulfilling free fall zone that we saw in 2008.

Sadly they don’t panic & they don’t care. This election is now about saving Zimbabwe, saving livelihoods.

On the Reserve Bank of Zimbabwe (RBZ) auction conducted on Tuesday, the Zimbabwe dollar fell by just over $1 000 to average $3 673.7718 against the US dollar.

The RBZ allotted a total of US$4,987,432.34 down from US$15,266,095.92 allotted last week.

Post published in: Business

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