Zimbabwe dollar down to $391.53 to the US dollar but black market rate up to $780

The Zimbabwe dollar today shed $12.31 to average $391.5339 to the United States dollar down from $379.2280 last week, but the black market rate is now down to $780 to the greenback.

Nearly US$23.6 million was allotted today with only US$4.1 million going to small and medium enterprises.

Offers at today’s auction ranged from $366 to $424 but the black market ranged from $500 for cash to $600 for mobile money and $780 for swipe or zipit.

The government has been trying to shore up the local currency without success, indicating that big players may be involved.

The central bank is introducing gold coins in 13 days and there is one more auction before they come on to the market.

There have been increasing calls especially from the opposition and some sections of business for the country to dollarise but central bank governor John Mangudya told Parliament yesterday that while this was the easy way out it was the wrong way.

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