Sunday, January 21, 2007

Foreign exchange rate shoots up

"...BULAWAYO – Rates on Zimbabwe’s illegal but thriving foreign currency market shot up by more than 20 percent yesterday ahead of a key central bank monetary policy review statement next week. .....

On Thursday, for example, the Botswana Pula was selling for Z$540, up from $450 the previous day while the South African rand was trading at $500 up from $400.

The dealers were buying the United States dollar for $3 700, up from $3 000 and selling the greenback for $4 000, up from $3 200.

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