Zimbabwe dollar down to $5 693.78 to the US dollar

The Zimbabwe dollar today declined by $25.56 cents to average $5 693.7825 against the United States dollar as debate on the reintroduction of the local currency as the sole currency for the country resurfaced.

President Emmerson Mnangagwa says his administration is going ahead with making the Zimbabwe dollar the sole currency because no country has ever developed while using another country’s currency. But the multiple currency should be in use until December 2025.

Economist Eddie Cross also says continued use of the United States dollar which dominates trading in the country is not in the interests of the country and has outlined steps that the country should take to ensure stability when the local currency becomes the sole trading currency in the country.

At today’s auction, offers ranged from $5 674.3584 to $5 780.

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