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US Dollar gains more value again

by Mandla Ndlovu
24 Sep 2019 at 09:57hrs | Views
The United States Dollar has gained value from 1:8 to 1:16 according to market watch.

Rates had tumbled over the weekend after the Reserve Bank of Zimbabwe from accounts belonging to President Emmerson Mnangagwa's ally Kuda Tagwirei.

Commenting on the new rates MDC Treasurer General Dvid Coltart said, "As I warned yesterday if you try to put a lid on a boiling pot, try to legislate against economic laws & forces, but leave water boiling it will have its way. The market appears to have started to run again. Look at the Old Mutual rate - the rest will follow."

Deputy Government Spokesperson Energy  Mutodi had celebrated the tumbling of rate saying, "The ZimDollar/US Exchange rate is a cause for concern as it affects prices & confidence in the banking sector. His Excellency President ED Mnangagwa has taken steps to normalise the exchange rate. Thumbs up to the listening President!"

Source - Byo24News