- 7% Gain: ZWG appreciates 7% against USD over 2 days, reaching 26.90
- Interbank Market Shift: Surge may indicate reduced demand for USD on interbank market
- Parallel Market Disparity: Parallel market rate remains high
Harare- The Zimbabwe Gold (ZWG) has sustained its upward momentum, appreciating by 4% to 26.90 on November 5, 2024, building on the previous day's 2.4% gain.
This cumulative 7% surge over the past two days marks the largest appreciation since the currency's introduction in April 2024, when it debuted at 13.56 and subsequently devalued to approximately 25 in late September.
The ZWG's recent strength may signal a decline in demand for US dollars on the interbank market, although it does not necessarily translate to reduced demand on the parallel market, where rates remain significantly higher, ranging between 45-50 per dollar.
This disparity highlights the persistent divergence between official and unofficial exchange rates, highlighting the complexities of Zimbabwe's foreign exchange landscape.
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