ViewsFromMatopos

The interbank rate has slightly shot above the parallel market foreign exchange rate following the decision by Government to free float the exchange rate.

For the first time, yesterday the ZWL$ shot above the parallel market rate which was at 8:1 against the USD to close at 8.6 causing some excitement amongst the majority of optimistic ordinary Zimbabweans and business.

Businessman and media mogul, Trevor Ncube praised Government for floating the exchange rate. Ncube said “a free floating exchange rate is the ultimate goal. The change has started.”

Meanwhile, citizens hailed the development in an interactive twitter exchange between economic analysts and some.

ZimBollar, a grouping of bonafide economic analysts tweeted that “these are the first real steps towards a genuinely Free Floating Exchange Rate Regime. If this takes route across all Banks and Bureau De Changes, then it will be a done deal for the Alternative Market!”

In response, Bulawayo based Government critic, Mlungisi Dube tweeted, “This is a positive development having a market based rate. It is also ideal to make it possible for any Zimbabwean to be able to buy foreign currency when they need it. It is unfortunate that other people think acknowledging positive steps are endorsing the regime.”

ZimBollar responded: “It is indeed a positive development. You need a market that prices away speculation through transparency. When we came up with ZimBollar, this was our ultimate aim. In future we hope to list rates from all genuine and authorised players on our site. It brings uniformity and sanity.”