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Today’s Rate: 10.03.2020

FinTech

Today’s Rate: 10.03.2020

Things are getting worse by the day in Zimbabwe as the Zim dollar continue to depreciate against the US Dollar due to the continued weakening of the economy.

Today On average the ZWL is trading at Z$26.00/US$1.00 on cash and Z$36/$1.00 for bank transactions. The traders are buying at Z$34 /$1.00 on transfer deals and Z$25.00 per each dollar on cash transactions.

Today at the black market if you want to buy US10 with cash you pay ZW$260 and on transactions you pay ZW$360.

This has gone beyond inflation and poses one question, can the country continue to use the Zim dollar/ bond notes or should the country go back to using the US Dollar as the legal currency?

For example, if one’s salary is ZW$1000, it means the person is getting US27 dollars per month which is not even enough for one month’s transport to and from work. Where are we going as a country?

 

 

 

Yeukai is an ambitious and passionate journalist. She enjoys writing and reading about technology and has made it her number one priority. She has been practicing journalism for 5 years now. In her journey as a writer, she has written three novels so far.

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