Zimbabwe black market foreign currency rates today

USD/RTGS 1:$3.60
BOND/RTGS 1:$1.05

The bond note has continued to lose ground on the black market with its rates hitting 180 percent to the United State Dollar (USD) this week compared to October 1’s 106 percent.

Economists told reporters that the soaring of rates indicate policy misfiring.

“The rates have gone ballistic. It’s bizarre how fast things change and all because of confidence crisis in the economy arising mainly from policy misfiring.

“The driver to the foreign currency premiums is rent seeking arising from separation of FCA RTGS accounts from FCA Nostro which has been viewed as a devaluation of the RTGS value.

“This is an unnecessary cost to business and should be reversed,” Denford Mutashu an economist said.