Interbank RTGS Rate Going Up, Will It Match The Parallel Market Soon?

Zimbabwe Hyperinflation money changer dealer forex trader

In the past few days the rate of exchange between the recently introduced RTGS$ and the US dollar has been steadily increasing at the interbank foreign exchange market. When trading started a couple of weeks ago, the rate was set at 1:2.5 (USD:RTGS).

The rate seemed stuck there for a little while but movement has been noticeable in the past few days. Today the rate is at about 1:2.65. The RBZ governor said he expected the RTGS dollar to grow a little weaker in the short term and then firm up against the USD in the medium term.

Rates on the parallel market have been fairly stagnant, with a US dollar being traded for about RTGS$3.55. Looks like the official market is catching up to the parallel market.

The central bank is not releasing volumes of trade in any consistent manner. When the governor appeared before the parliamentary committee on finance he mentioned that to date $12 million had been traded.

Daily interbank rates