Zimbabwe dollar down to $352.06 to the US dollar

The Zimbabwe dollar today shed another $13.57 to average $352.0626 to the United States dollar down from $338.4921 last week.

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”.

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