Zimbabwe dollar down by $4.23, now at $142.42 to the US dollar

The Zimbabwe dollar today eased by $4.23 to average $142.4237 against the United States dollar from $138.1979 last week.

It is, however, failing to close the gap with the black market now said to be between $250 and $280 to the greenback.

But, with the crucial by-elections, which most people said were a litmus test for the ruling party and the renamed Citizens Coalition for Change, over, the government can now concentrate on stabilising the local currency ahead of next year’s elections.

Inflation has been on the increase since the beginning of the year when it stood at 60.6% but is now at 72.7%. Month-on-month inflation, however, dropped from 7% in February to 6.3% in March.

A total of US$37.6 million was allotted to more than 1 400 entities today with US$6.5 million going to 1 080 bidders in the small and medium enterprises sector and US$31.1 million to 399 large firms.

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