Zimbabwe dollar continues to stabilise, sheds only $1.32 against the US dollar

The Zimbabwe dollar today shed only $1.32 to average $629.5204 against the United States dollar indicating that it is stabilising.

And most of those seeking foreign currency from the auction market are getting it with only 3 bids out of 174 being disqualified.

The 171 that qualified were allotted in full, a total of US$11.7 million.

Offers ranged from $603 to $660.

Prices on Zimpricecheck remained at $700 to $820.

Although the local currency is said to be stabilising and businesses are supposed to use the interbank rate plus the permitted mark-up, Zimpricecheck says: “Despite repeated denials by both government and businesses, there is still an undeniable link between prices and black market exchange rates.”

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