Saturday, June 7, 2025
No Result
View All Result
News Report  Zimbabwe
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News
No Result
View All Result
News Report  Zimbabwe
No Result
View All Result
Home News

Zimbabwe currency turmoil returns as local dollar plunges 40% on black market

January 12, 2024
0
Zimbabwe currency turmoil returns as local dollar plunges 40% on black market

HARARE – Zimbabwe’s dollar has started the new year on the back foot, plunging more than 40% on the parallel market, as high demand for foreign-exchange continues to outstrip supply.

Range of factors, including the end of tobacco sales and a softening of global commodity prices, has affected US dollar inflows into the southern African nation, causing its exchange rate to spiral, according to Persistence Gwanyanya, a member of the central bank’s monetary policy committee.

The mineral-rich nation gets 85% of its foreign exchange from mining. “Even this quarter, our situation will not have got to normal,” he said in an interview Monday.

“We will need to manage the demand side, that is deal with the demand for forex and judiciously allocate resources.” Zimbabwe has been struggling to stabilize its currency since its return into circulation in 2019. That’s led citizens to favor the US dollar over its local counterpart to pay for everything from food to medicines. A series of Treasury interventions in June, including a demand for companies to pay their taxes in local currency, helped stabilize the volatile exchange rate.

Authorities blame exchange-rate volatility for fueling inflation. Consumer prices climbed 26.5% in December from a year earlier, quickening for a second consecutive month.

The local unit on Monday was changing hands at Z$10,900 per US dollar, according to ZimPriceCheck a website that monitors official and unofficial exchange rates, significantly weaker than the official exchange rate of Z$6,467 per US dollar.

A weekly auction run by the central bank, which is the official source for US dollars for companies, closed in December for the holidays. With the recent depreciation, the “equilibrium has been disturbed” as the gap between official and unofficial markets exceeds the 10% to 20% range set by authorities, said Gwanyanya. “We will now be seized with re-establishing the equilibrium,” he said.

SOURCE : ZIMBABWE SITUATION

Tags: Persistence GwanyanyaZimbabwean dollarZimPriceCheck

Related Posts

Two Zimbabwean Care Home Workers in the UK attacked, one killed

Two Zimbabwean Care Home Workers in the UK attacked, one killed

by Nyathi
June 7, 2025
0

A devastating attack on two Zimbabwean care home workers has left the community in shock and grief. Charity Kaseke, 24,...

Bulawayo Prison Horror-20 Years for Gang Assault

Stranded in Zimbabwe- The Plight of South African Nationals

by Nyathi
June 7, 2025
0

In the sweltering cells of Harare Remand Prison, a group of South African nationals are languishing, their lives put on...

Masvingo Council Official Takes His Own Life

Masvingo Council Official Takes His Own Life

by Nyathi
June 6, 2025
0

A shocking incident has rocked the Masvingo community after Pius Nyatsanza, the Planning and Economic Affairs Executive Officer for Masvingo...

Nephew Butchers  Uncle Over  Goat

Nephew Butchers Uncle Over Goat

by Nyathi
June 6, 2025
0

A chilling incident has shaken the village of Chinyama in Muzarabani, leaving a trail of death and destruction in its...

Truck Driver Loses Life in Brutal Robbery Attack

Truck Driver Loses Life in Brutal Robbery Attack

by Nyathi
June 5, 2025
0

A tragic incident has shaken the transport industry after a truck driver succumbed to severe injuries sustained in a violent...

Hyena Attack Leaves Man Fighting for Life

Hyena Attack Leaves Man Fighting for Life

by Nyathi
June 5, 2025
0

A terrifying encounter between a man and a hyena has left the community in shock. Wiseman Ngozo, a resident of...

Please login to join discussion

Trending News Today

  • Widow Caught in Bed With Lover a Week After Burying Husband

    Widow Caught in Bed With Lover a Week After Burying Husband

    168 shares
    Share 67 Tweet 42
  • ZEP Holders Breathe a Sigh of Relief as SCA Rules in Their Favor

    72 shares
    Share 29 Tweet 18
  • Two Zimbabwean Care Home Workers in the UK attacked, one killed

    69 shares
    Share 28 Tweet 17
  • Sangoma Turns to Lion Snack

    135 shares
    Share 54 Tweet 34
  • Chiredzi: CIO Officer Goes Rogue

    87 shares
    Share 35 Tweet 22
  • Masvingo Council Official Takes His Own Life

    59 shares
    Share 24 Tweet 15
  • Its Open Season for Witch Hunters ‘Tsikamutandas’ – TMPC, Police Join Forces

    33 shares
    Share 13 Tweet 8
  • Teenager Convicted for Falsely Accusing a Man of Rape

    32 shares
    Share 13 Tweet 8
  • Fake Doctor leaves 23-year-old hypnotized

    32 shares
    Share 13 Tweet 8
  • Self Proclaimed King “Munhumutapa” to Stand Trial Tomorrow.

    60 shares
    Share 24 Tweet 15

Popular This Week

  • Fatal Dog Attack Exposes Mike Mupinga’s Troubling Past

    Fatal Dog Attack Exposes Mike Mupinga’s Troubling Past

    271 shares
    Share 108 Tweet 68
  • Widow Caught in Bed With Lover a Week After Burying Husband

    168 shares
    Share 67 Tweet 42
  • The Turbulent Life of President Mnangagwa: A Story of Helicopters, Close Calls, and Air Force Angst

    142 shares
    Share 57 Tweet 36
  • Pastor’s Pulpit Shame- Church Leader Caught in Love Triangle

    139 shares
    Share 56 Tweet 35
  • Sangoma Turns to Lion Snack

    135 shares
    Share 54 Tweet 34
  • Serial South African Killer Escapes To Zimbabwe

    111 shares
    Share 44 Tweet 28
  • COVID-19 Variant Alert: WHO Urges Global Vigilance

    108 shares
    Share 43 Tweet 27
  • The Fake Doc- “Take Lacto And Fruits Three Times a Day”

    107 shares
    Share 43 Tweet 27
  • Daughter and Son-in-Law Swindle Father Out of $100k

    160 shares
    Share 64 Tweet 40
  • Blessed Bowa’s 12-Year Gift for Being a ‘Good Samaritan’ Thief

    94 shares
    Share 38 Tweet 24

Popular This Month

  • How to Legally Avoid Paying the US$92 ZBC Radio Licence Fee in Zimbabwe

    How to Legally Avoid Paying the US$92 ZBC Radio Licence Fee in Zimbabwe

    599 shares
    Share 240 Tweet 150
  • Bulawayo Police Bust Vuzu Party, Arrest 13 Youths

    324 shares
    Share 130 Tweet 81
  • Unhealed Wounds-Remembering the 21 Mothers of Emkhonyeni Who Were Burnt Alive

    314 shares
    Share 126 Tweet 79
  • Apostle Eunor Guti Declines Wicknell Chivayo’s Lavish Gift

    274 shares
    Share 110 Tweet 69
  • Fatal Dog Attack Exposes Mike Mupinga’s Troubling Past

    271 shares
    Share 108 Tweet 68
  • Loophole or Legal Gymnastics? Zimbabwean Schools Find Ways Around Fee Payment Rule

    248 shares
    Share 99 Tweet 62
  • New ‘ lobola’ Fees for Foreigners Seeking Medical Care in Gauteng

    240 shares
    Share 96 Tweet 60
  • The Despicable Scam at Zimbabwe’s Hospitals; Its Business Nothing Personal.

    240 shares
    Share 96 Tweet 60
  • Philanthropy or Publicity Stunt? Wicknell Chivayo’s Lavish Gift to Jah Prayzah’s Team

    211 shares
    Share 84 Tweet 53
  • Hospital Investigates Disappearance of Infant’s Body

    205 shares
    Share 82 Tweet 51

Most Read Stories

  • “Zimbabwe Is Discrediting SADC”

    ZANU PF Accused Of Bribing SADC Elders To Retain From Losing Power

    5239 shares
    Share 2096 Tweet 1310
  • Madzibaba gets Toyota Aqua after explaining new currency ZiG to church

    4533 shares
    Share 1813 Tweet 1133
  • Breaking News: Zimbabwe launches New Currency (Zig)

    4279 shares
    Share 1712 Tweet 1070
  • Guide : How to access 2023 Zimsec Ordinary O Level results online

    3973 shares
    Share 1589 Tweet 993
  • Uganda Police Officer Shoots Wife Dead After Mocking Him Over Man-U Loss

    3893 shares
    Share 1557 Tweet 973
  • Floods hit Gweru

    3593 shares
    Share 1437 Tweet 898
  • Mashura pa Gokwe musi wa 12.02.24

    3544 shares
    Share 1418 Tweet 886
  • Secret message for ED after his inauguration

    3481 shares
    Share 1392 Tweet 870
  • Heatwave Warning:Expect Extremely hot temp ranging from 36° to 41° until 12 March

    3394 shares
    Share 1358 Tweet 849
  • Here is the reckless Kombi Driver!!!!!!!!!!! See pics here

    3218 shares
    Share 1287 Tweet 805

  • About Us
  • Contact Us
  • FAQ
  • Privacy Policy
  • Terms of Service
  • Home

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News that Matters
    • News
    • Health and Diseases
    • Technology
    • Religion
    • Horror and Disaster
    • Elections 2023
  • Crime and Courts
  • Celebrity
  • Sports
  • Mjolo
  • Breaking News