Zimbabwe dollar down to $654.87 to the US dollar

The Zimbabwe dollar today continued its slide against the United States dollar shedding $8.62 to land at $654.8651.

The black market rates remained steady at $800 to $900 while offers at the auction ranged from $645 to $678.

A total of US$15.3 million was allotted to 233 companies today with the bulk of US$13.9 million going to 96 large firms.

Inflation slowed to 255% in November, still the highest in the world, but month-on-month inflation was down to 1.8%, the lowest since May last year.

Monthly inflation peaked at 30.7% in June but has been on the decline since the government introduced tight monetary measures which included hiking interest rates to 200%.

Businesses complain that while inflation is declining, consumer spending has declined.

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