Zimbabwe dollar down to $928.59 to the US dollar but gap with black market widens

The Zimbabwe dollar today fell by $13.41 to average $928.5887 against the United States with offers ranging from $927 to $1 020.

The gap with the black market, however, widened with the swipe rate plunging to $1 600. The black market buy rate was $1 280 and the sell rate $1 440.

A total of US$20.1 million was allotted to 240 small and medium enterprises and 271 large firms.

There are fears that the local currency could further weaken as the country heads for elections in August.

The date for the elections has not been set yet but they have to be held before 26 August.

The elections are most likely to be held after Heroes’ day celebrations making  the weekends of 12 and 19 August probable dates.

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