Black Market Exchange Rates Jumped Again On Tuesday Afternoon
The value of the Zimbabwe dollar has continued to plummet on the parallel market with ZimRates.com revealing that by 4:54 PM on Tuesday, one had to part with ZWL$38.00 and ZWL$27.70 in transfer and bond notes respectively, to buy US$1.00.
This sharply contrasted with the exchange rates published by the website earlier in the day which indicated that ZWL$36.5 and ZWL$26.6 in transfer and bond notes respectively, was needed to buy US$1.00.
The value of the local currency has fallen rapidly over the past week as businesses continue to lose confidence in the Zimbabwe dollar which was re-introduced about a year ago.
Economists have blamed the government for the development as its appetite to print non-productive money into the economy grows exponentially.
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