Zimbabwe dollar breaches 500 mark to the US dollar

The Zimbabwe dollar today shed $26.36 to average $521.3451 against the United States dollar down from $494.9883 last week as it closed in on the black market rates which remained stagnant at $800 for swipe, $750 for mobile money and $700 for cash, according to Zimpricecheck.

Black market rates have fallen drastically since the introduction of gold coins on 25 July with some reports saying some dealers are going out of business.

A total of US$18.1 million was allotted to 387 small enterprises and 152 large firms with US$15.1 million going to large companies.

Offers at the auction today ranged from $485 to $580.

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