Systema: Well today’s call was awesome. I took Tony’s call to heart and once work was done went to my bank. I tell the teller I want to buy 8 million dong. She looks at the screen with a strange expression.
She tells me that there is no rate showing and that it’s blanked out. I tell her I still need to make the purchase and to figure out a price.
She says she will call and get a price over the phone. Minutes later she tells me “I’m sorry I’m told it’s blanked out because we are not allowed to sell it anymore”.
I nearly crapped my pants. I gave her a huge smile and said thanks for trying your best. She was expecting me to be pissed I guess. This is no little branch in the middle of no-where. It was the TD Canada Trust in Pickering Ontario Canada. I have never had this happen before buying dong and I’ve been buying it for a decade.
Tony has said many times before…they will stop sale of the currencies when they are about to pop the RV. I sure hope these are our final days.
Harambe: Bloomberg: Zimbabwe’s Maligned Dollar Catches Break on Central-Bank Action
The currency is heading for back-to-back months of gains for the first time since it was re-introduced 18 months ago.
Zimbabwe’s measures to stabilise the country’s currency are finally paying off: the local dollar is heading for back-to-back months of gains for the first time since it was re-introduced 18 months ago.
This comes after the southern African nation’s central bank introduced weekly foreign-currency auctions and cracked down on mobile-money transactions, blamed by authorities for undermining the currency.
The Zimbabwe dollar slumped to 83.39 per US dollar on August 26 after being re-introduced at around Z$3 in March last year. It strengthened 2.3% in September and has edged another 0.1% higher to Z$81.35 on Wednesday, according to central-bank data.
The currency has also strengthened on the black market, where the premium for US dollars, once more than 100%, has narrowed to between 15% and 20% as companies turn to official channels for foreign exchange.
A local website which tracks black-market rates, marketwatch.co.zw, put the street rate at Z$100 per U.S dollar on Wednesday, down from a peak of Z$120. In an Oct. 12 statement, the central bank’s monetary policy committee said stability was achieved after it alloted a combined $291 million at 16 foreign currency auctions since their introduction on June 23.