Zimbabwe dollar drops to $831.81, black market now at $1 300


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The Zimbabwe dollar continues to fall against the United States dollar and is now officially at $831.8147 but it is failing to close the gap with the black market which is now at $1 300.

Some economists have predicted that the local currency could end the year at $3 200 but officials say it will drop to $1 500 at most.

Speculation continues to play havoc with the local currency as the reserve bank says the country has enough foreign currency with nostro account balances of over US$2 billion.

A total of US$19.2 million was allotted today with the bulk, US$16.9 million going to large companies.

Offers at the auction ranged from $830 to $890 while those on the black market ranged from $1 000 to0 $1 300.

(110 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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