Zimbabwe dollar continues its slide, now $856.84 to the US dollar


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The Zimbabwe dollar today shed $25 against the United States dollar to average $856.8403.

A total of US$20.3 million was allotted to 235 small and medium enterprises and 202 large companies.

Offers ranged from $855 to $935.

The gap between the official and black market rates, however, continues to widen with black market rates ranging between $1 000 and $1 300.

Although the introduction of gold coins and the hiking of interest rates helped to stabilise the local currency, they seem to have lost steam now.

President Emmerson Mnangagwa said on Sunday, the country had sold 28 000 gold coins mopping out $22.2 billion.

The Reserve Bank of Zimbabwe reduced the key interest rate from 200% to 150% at the beginning of this month.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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