Zimbabwe dollar falls by 16 cents against US dollar

The Zimbabwe dollar fell by 16 cents against the United States dollar at today’s foreign currency auction to average $86.2131 against last week’s $86.0551.

A total of 804 bids worth US$37.5 million were allotted in full for the first time in weeks.

Offers ranged from $84 to $92.

The auction has so far disbursed nearly US$2 billion since its launch on 23 June last year.

Though the auction has stabilised the local currency and helped bring down inflation the central bank has complained that some businesses applying for forex under the auction are offloading the money on the black market where the rate is between $140 and $150 to the greenback.

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