Zimbabwe dollar falls by $3.50 to the United States dollar

The Zimbabwe dollar today fell by $3.50 against the United States dollar to average $124.0189 from last week’s $120.5174.

The dollar has dropped by $11.20 since 18 January when the auction resumed after a five-week closure for the festive season.

A total of 1 170 bids were allotted US$36.8 million today with 776 being from the small and medium enterprises sector.

The lowest offer today was $120 while the highest was $140. The black market is trading at anything between $200 and $230.

The government has said it is not going back to dollarization as the country can never be competitive using the United States dollar.

Citizens Coalition for Change deputy leader Tendai Biti says the local currency will drop to more than $1 000 to the greenback by the end of the year.

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