Categories: Stories

Zimbabwe dollar could settle at $4 500 to the US dollar

The Zimbabwe dollar once again firmed marginally against the United States dollar appreciating by less than 30 cents to settle at $4 505.4232 at today’s wholesale foreign currency auction.

The gap between the lowest and highest offers narrowed to $100 implying that the rate could settle at $4 500. The highest offer was $4 580 and the lowest $4 480.

Zimpricecheck puts the black market rates at between $5 800 and $6 400 but these amounts are difficult to get on the streets with offers just above $5 000 being more realistic.

It, however, puts the cash rate at $3 000, which is too low.

The firming of the Zimbabwe dollar has led to speculation that Zimbabwe might abandon the multiple currency system after the elections but central bank governor John Mangudya says there will be no rush. 

Zimbabwe said it would use the multiple currency regime until the end of 2025.

The response by business to the firming of the local currency has been too slow as the prices in the local currency are still ridiculously high.

(87 VIEWS)

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.

Recent Posts

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024