Is Zimbabwe dollar now down to $3 000 to US dollar?

Independent legislator Temba Mliswa told Parliament it was. He called on Finance Minister Mthuli Ncube to come and address Parliament on what he was doing to address inflation which he said had resulted in the local currency plunging to $3 000 to the US dollar.

The local currency dropped to $1 212.54 at yesterday’s auction.

Zimpricecheck put the black market cash rate today at $1 600. Ecocash was down to $2 200 while Onemoney was $1 950. But the swipe rate was way down at $2 800.

News that the central bank has introduced gold-backed digital tokens to shore up the local currency seem to have had no effect at all on the continued slide of the local currency.

The International Monetary Fund has cautioned the central bank against introducing the tokens saying it should liberalise the foreign exchange market instead. 

(3305 VIEWS)