HomeLettersTrue value of Zim dollar please!

True value of Zim dollar please!

IF Eric Bloch and the RBZ want Zimbabweans abroad to send their forex home the currency auctions should reflect the true value of the Zimbabwe dollar.



From w

hat Bloch and others are saying about the auctions, they definitely don’t do that. For example, some bids are being rejected because the users want the hard currency for overseas trips or personal use or some reason that we are not being told.



If more people and companies are willing to pay more for forex the Zimbabwe dollar should decline in value.


If fewer people want foreign currency it should increase. Period. It doesn’t matter what the hard currency is being used for.


In case Gideon Gono (and apparently Bloch) has been asleep, that is the way the currency market works in the rest of the planet.


All these excuses are a smokescreen to manipulate the auction system and keep the Zimbabwe dollar at an artificially high rate.


Believe me, you cannot simply take your Zim bucks to the bank and get real money.


Where the exchange system works properly and openly (poorer countries than Zimbabwe) there is always foreign currency available – albeit at a high price.


Explain that, Mr Bloch.


Dave Goldiner,

New York,

USA.

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