SO no forex auction results were made available for printing in the Zimbabwe Independent of April 15?
The markets advert inserted on Page 11 in the businessdigest
by African Banking Corporation had its space filled with estate and legal notices.
Has the forex auction finally disappeared into limbo (as it should in my opinion have done long ago)?
What a horselaugh that thoroughly fudged concept has always been.
I note that governor Gideon Gono is due to give his post-poll monetary policy review any time soon.
I wonder what smoke and mirrors cure-all he will dream up this time around. Without doubt he will gleefully continue to wave his 123,7% inflation rate (still the highest in the world) at us all, but he has never once made mention of the way parallel market rates remain high above his “official” rates — and are now somewhere up to $17 000 or higher to the US$1 and, I am told, $33 000 or more to the pound, with $40 000 as a distinct possibility by this month-end.
I understand the $12 000:US$1 and $23 000:pound your reporter Eric Chiriga quoted in the same issue are way out of date. What else can you expect when the forex auction can only supply less than 10% of business and other forex needs?
And now we have the marvellous 40-page launch supplement — on only the most expensive paper — of course, for Homelink (Pvt) Ltd flying in the face of comments in the same issue that Homelink faces a bleak future unless the RBZ drastically reviews the exchange rate.
The Homelink initiative has woefully failed to generate significant inflows and the initiative has no chance of success as long as Zimbabweans in the diaspora are aggrieved about being deprived of their right to vote.
Gono managed to turn around the stratosphere-headed inflation rate from +/-650%; how is he going to stop the exchange rate from rocketing to $100 000:pound?
With the same president, almost the same cabinet, the same unchanging “control” at the top, what is he going to do?
We await his policy review with bated breath.