It shed $13.16 last week and is down from $308.5201 on 31 May.
The local currency is trading at between $460 and $620 on the black market and was pegged at $347.3129 at the interbank rate.
Offers at today’s auction ranged from $330 to $375.
The central bank says some corporates which have been obtaining loans from banks have been fueling the black market rate and has introduced measures to stop such loans from the beginning of July.
Some economists had predicted that the local currency would collapse this month which ends in nine days.
United States economist Steve Hanke who pegs the local currency at the lower end of the black market rate has scoffed at President Emmerson Mnangagwa saying “President Mnangagwa is giving a masterclass in economic stupidity and corruption”.
(169 VIEWS)
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…
Zimbabwe is among the top 30 countries in the world with the widest gap between…
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
