The Interbank rate continues to soar and trading at a higher rate than the parallel market rate on both cash and electronic transactions on Wednesday, the Zim Morning Post has observed.
The Interbank has been offering more in local currency as established in a survey carried out by this reporter.
The highest rate was ZWD$8 for $US1 while the parallel market rate was trading at US$1- ZWD$7 for electronic transactions.
There has been uncertainty and speculative behavior in the market following government’s shock announcement last week.
Government abolished the use of multiple currency through Statutory Instrument (SI) 142 of 2019, known as Reserve Bank of Zimbabwe (Legal Tender) Regulations.
After the use of foreign currency was outlawed and the black market rate was at RTGS$13.5:USD$1 ,while the interbank rate was at RTGS$ 6.3:USD$1.
In the survey , banks visited include FBC which was trading at the highest buying price of ZWD $8.56 and selling at $9.42 above the black market rate which is buying at $6.5 and selling at $7 whereas through electronic transfer .
At Stanbic, the buying price was pegged at ZWD$7.5 and selling at $8.4.