Zimbabwe dollar down to $732 to the US dollar

The Zimbabwe dollar today shed $26.59 to average $732.0036 against the United States dollar but it is still way off the black market rates which range from $900 for cash to $1 100 for swipe.

One economist said the local currency will plunge to $1 500 to the greenback by June, but the same economist, Gift Mugano, last year said the local currency would collapse by June. It did not. It only breached the $1 000 mark on the black market this year.

A total of US$14.5 million was allotted to 165 small businesses and 116 corporations today with the bulk, US$12.7 million, going to large companies.

Offers at the auction ranged from $711 to $790.

With elections due in July or August the local currency will be under siege either through government spending or those seeking to discredit the present government. 

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