Zimbabwe dollar drops $16.12 to average $944.71 to the US dollar

The Zimbabwe dollar today lost $16.12 to average $944.7133 but the local currency is failing to close the gap with the black market.

Offers at today’s auction ranged from $940 to $1 050 while black market rates ranged from $1 200 to $1 600 with the black market buy rate at $1 280 and the sell rate at $1 440.

The government has blacklisted 13 government suppliers for dumping local dollars they earn onto the black market.

A total of US$21 million was today allotted to 297 small and medium businesses and 290 large firms today.

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