"Ironically the authorities’ clampdown on Zimbabwe dollar payments created such a squeeze that it has had the unintended consequence of driving dollarisation at a faster pace," Imara Asset Management Chief Executive Officer John Legat said in the Harare-based company’s latest quarterly investment notes to clients.
Authorities adopted a series of measures since May including raising the benchmark interest rate to 200%, introducing gold coins, imposing taxes on capital markets and halting payments to government contractors and suppliers to try reduce money supply. Those actions dried up excess liquidity and succeeded in bringing the official local currency rate in line with the parallel rate.
The total value processed by the National Payments System was $1.9 billion from 36 million transactions in September. That compares with a monthly average of $4.2 billion last year, from about 120 million monthly transactions.
Source: Financial Digest (financialdigest.net)
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