Zimbabwe dollar down by $2 to $636.21 to the US dollar


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The Zimbabwe dollar today eased by $1.96 to average $636.2104 to the United States dollar at today’s auction.

A total of US$11.9 million was allotted to 184 businesses with US$1.1 million going to small businesses and US$10.8 million to 77 to large firms.

Offers ranged from $615 to $673 but the gap between the official and the black market rates widened from $700 to $820 to $800 to $860.

The local currency has stabilised since the introduction of tough monetary measures which included the introduction of gold coins and the hiking of interest rates.

The Reserve Bank of Zimbabwe is to introduce 4 500 lower denomination gold coins next week.

It has so far sold 11 475 ordinary gold coins mopping out $11.4 billion.

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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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