Zimbabwe dollar down to $959.31 but black market rate goes haywire

The Zimbabwe dollar today shed $14.60 to average $959.3111 to the United States dollar but the gap with the black market rate widened with the swipe rate at $1 800 while the cash rate was $1 200.

Central bank governor John Mangudya said the gap between the auction rate and the black market rate had been widening over the past three weeks but the bank was now aware of what was causing this and was working on reining it.

Offers at the auction ranged from $950 to $1 100, way off the lowest black market rate.

According to Zimpricecheck, the black market buy rate was $1 440 and the sell rate, $1 620.

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