Categories: Stories

Zimbabwe dollar falls by $3 against the US dollar as offers surpass $100 mark

The Zimbabwe dollar today fell by $3 against the United States dollar to average $93.0810 down from last week’s $90.0792.

Offers also broke the $100 mark with the highest offer at $105 while the lowest was $88.50 but the lowest bid allotted was $90.

A total of 1 745 bids were allotted US$47.7 million with 1 243 small and medium enterprises getting US$11 million and 502 large firms getting US$36.7 million.

There has been some harsh words between business and government over the skyrocketing black market rate but treasury secretary George Guvamatanga said this is going to be rectified as the country has enough foreign currency reserves to meet its requirements.

Zimbabwe has about US$3 billion circulating in the country.

Government has blamed business for speculative behaviour which saw the local currency plunge to $200 to the United States dollar on the black market against the auction rate which was $88.555 at the time. It has arrested a number of firms and individuals for illegal foreign currency dealings leading business to accuse government of being heavy handed.

The Zimbabwe dollar has fallen by $5.41 against the United States dollar since the beginning of this month.

(216 VIEWS)

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

Reserve Bank of Zimbabwe expects more foreign currency sellers to join the interbank market

The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…

December 4, 2024

Zimbabwe 2025 citizens’ budget

Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…

November 28, 2024

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024