Zimbabwe dollar down to $621.53 to the US dollar, but black market rate up

The Zimbabwe dollar today fell to $621.5321 to the United States dollar but while the central bank’s monetary policy committee was happy that the gap between the official and black market rates had narrowed, the black market rate dropped to $820.

The auction rate dropped marginally from $613.3681 last week as the local currency has stabilised following stringent measures introduced by the government to shore up the local currency and curb inflation.

The MPC said the premium on the foreign exchange rate dropped from 140% in May to between 5 and 15%.

Inflation dropped marginally from 285.1% in August to 280.4%.

Only US$11 million was disbursed today to 154 small and medium businesses snad 64 large firms.

Offers at the auction remained steady at $580 to $655 while on the blackmarket they ranged from $700 for cash, $780 for mobile money to $820 for swipe.

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