Zimbabwe dollar continues its slide against the US dollar

The Zimbabwe dollar continued its slide against the United States dollar shedding $64.20 at today’s auction to average $4 712.1675.

The local currency has so far declined by $134.67 against the US dollar since the elections that brought back President Emmerson Mnangagwa in an election whose presidential outcome has been rejected by opposition leader Nelson Chamisa.

Mnangagwa was, however, inaugurated on 4 September and has since appointed his cabinet with Mthuli Ncube retaining the post of Finance Minister, this time with Mnangagwa’s son David Kuda as his deputy.

Ncube has promised to keep the current tight monetary policies in place to shore up the local currency and curb inflation.

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