Harare – The Zimbabwean Government has essentially floated its pseudo-currency the bond note by establishing an “interbank foreign exchange market” to “formalise the trading of RTGS balances and bond notes with the United States Dollar (US) and other currencies on a willing buyer willing seller basis.
Exchanges will be restricted to banks and bureaux de change platforms.
Calls for government to remove the fictitious 1:1 rate between the USD and the Bond Note had grown louder, as the market had essentially moved towards its own parallel rate.
Many businesses, like retail shops, pharmacies and car traders were already utilising a three tier pricing, with one price for Bond Notes and another for USD.
More to follow…