Have just been trolling the streets looking to change a few hard earned USDs. Following the scrapping of the multi-currency regime, the RTGS rate now varies wildly between banks and in the streets. To those that are wondering, you can still bump into the occasional Mupositori lady changing money around 4th and near Eastgate Shopping Mall. Anyway, during my journeys, I discovered the following;
- The Black Market Rate remains depressed and is much, much lower than what can be found in banks. As of today, I was offered RTGS 6 for 1USD. I was also offer RTGS 7.5 for 1USD. So there is no concrete black market rate.
- Today’s rate at FBC bank is 8.4 point something RTGS to the USD.
- At CABS, the rate is 8.7 RTGS to the Dollar.
- The highest rate in banks is RTGS 9 to the dollar, which is being offered by First Capital Bank (formerly Barclays).
Who Determines the Interbank RTGS Rate?
To be frank, I am as befuddled as everyone else. How is the RTGS rate in banks determined? Do the banks have clients who tell them to buy at such and such an amount? If anyone knows the answer to this question, please leave a comment in the section below.
Banks are only dealing with account holders
One of the things that I discovered is that banks are only dealing with account holders when it comes to the rates that are being offered. That’s probably because they are not offering cash and they need to transfer your money into an account. This seems rather unfair. So people who do not have bank accounts are now being forced to get low rates in the streets? Personally, I was forced to change my money at FBC, where I have an account, in spite of the fact that there was actually a higher rate at other Banks. What do you think? Leave your comment below!