Zimbabwe dollar drops to $478.64 to the US dollar but black market swipe rate drops from $950 to $800

Zimbabwe dollar drops to $478.64 to the US dollar but black market swipe rate drops from $950 to $800

The Zimbabwe dollar today dropped from $458.3653 to $478.6358 at the foreign currency auction market but the black market swipe and zipit rates dropped from $950 to $800, narrowing the gap between the black market mobile money rate and the cash rate.

This could be an indication that the Reserve Bank of Zimbabwe’s move to introduce gold coins as a store of value and to mop out excess liquidity is working.

The mobile money rate was pegged at $750 and the cash rate at $700.

Offers at the forex auction ranged from $450 to $550.

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