Zimbabwe dollar drops to $661.56 to the US dollar

The Zimbabwe dollar today fell by $6.70 to average $661.5605 against the United States dollar as the central bank said it will maintain its tight monetary policy which has slowed down the decline of the local currency.

Offers at today’s auction ranged from $655 to $678 while those on the black market remained at $800 to $900.

The central bank said it will maintain interest rates at 200% and will only review them in the first quarter of next year depending on the inflation developments.

It also said it will further liberalise the foreign exchange market in the first quarter of 2023 to enhance efficiency in the operation of the foreign exchange auction system and

the willing-buyer willing-seller foreign exchange mechanism.

A total of US$11.6 million was allotted to 199 businesses today with the bulk, US$10.3 million going to 75 large firms.

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