Last week on Monday when Statutory Instrument 142 of 2019 was introduced the US dollar was trading at around $13 against the RTGS dollar of late the Zimbabwean Dollar. That is according to Zimbollar and Marketwatch.

The rate took a wild tumble as panicked sellers rushed to ditch the dollar. Black market dealers took advantages of people’s plight and started offering extremely low rates. As low as $3/ each USD in some instances.

Black Market dealers swindle people

This effectively means the black market rate went down below the official market rates. Confusion as to what you could do or not do using the US dollars and other foreign currency reigned supreme in the market.

The RBZ had to issue multiple directives in order to clear up misunderstandings such as whether possessing the dollar was a crime. FYI it is not although you are not allowed to use it to pay locally except if you are paying a foreign entity e.g. DSTV.

Banks offering higher rates

While you might be used to going to the black market know this: it is illegal risky and unnecessary given that black market dealers are paying peanuts compared to banks.

NMB was offering $8.9/USD well above black market rates which are giving people a meagre $7.2/USD. First Capital Bank is also giving rates around this figure.

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