Forex rates hit new record high – Nehanda Radio | Breaking News #forex #money #market

Forex rates hit new record high – Nehanda Radio | Breaking News #forex #money #market



Forex rates hit new record high – Nehanda Radio | Breaking News

Forex rates hit new record high – Nehanda Radio | Breaking News

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Forex rates hit new record high – Nehanda Radio | Breaking News

By Letwin Nyambayo The bond note continues to suffer heavy battering against the greenback on the parallel market, with its exchange rate touching new lows. File picture of forex dealers in Zimbabwe The surrogate currency was trading at over 400 percent against the United States dollar yesterday, compared to 180 percent at the beginning of the month. The rate now matches that of the Real Time Gross Settlement System (RTGS), which used to trade slightly better than the bond note. As of yesterday, the Old Mutual Implied Rate had shot up to 620 percent up from Monday’s 213 percent, according to the Premier Alternative Market Tracker in Zimbabwe (Zim Bollar Index). As of Monday, bond note to South African rand has risen from 23 percent to 25 percent while the Pula is at 35 percent up from 22 percent. Economists told the Daily News that the soaring of rates indicates that people were frantically trying to get rid of their RTGS balances and the bond note to preserve value. Economist Simbaras…

#Forex #rates #hit #new #record #high #– #Nehanda #Radio #Breaking #News



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