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Diaspora Matters

Forex Parallel Market Rates take a plunge

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A week ago the parallel market rates for the USD against the Bond Transfer rate was 1:43-45. The highest rate was 1:48 but a week later rates have taken the biggest downfall to date of 1:30 up to 1:35. Our forum has been trying to analyse the sudden drop and we got the following facts:

1.Easter Holiday and the returning Diaspora impact

2. Tobacco selling season means that more forex  coming into the country

3. Increased local production and exports

4. Government efforts on externalisation

We do not have scientific evidence to back up the sudden plunge in rates but we believe this is good for the economy and hoping that the downward trend continues.

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