Categories: Stories

Zimbabwe dollar falls by 10 cents as a record US$33 million is disbursed

The Zimbabwe dollar, which has been on the decline over the past two foreign exchange auctions, today fell by 10 cents against the United States dollar to average $81.82 as a record US$33 million was disbursed at both the Small and Medium Enterprise auction and the Main auction.

It averaged $81.8151 against last week’s $81.7102.

Only 36 bids were disqualified at the two auctions with 166 in the SME auction and 268 in the main auction qualifying.

US$2.3 million was allotted at the SME auction and US$30.6 million at the main auction.

The gap between the highest and lowest offers, however, narrowed to $88.33 from $90 last week but the lowest offer remained static at $80.

A total of US$499.8 million has been disbursed since the auction started on 23 June.

Finance Minister Mthuli Ncube is expected to set the tone for 2021 when he presents his budget on Thursday but he has been upbeat about the stability the foreign currency auction has brought to the market.

The Optional Market Implied Rate today stood at $105.24 down from $99.68 a week ago.

(64 VIEWS)

This post was last modified on %s = human-readable time difference 3:44 pm

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.

Recent Posts

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024