Zimbabwe dollar falls by 48 cents against United States dollar


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The Zimbabwe dollar once again fell against the United States dollar at today’s auction but by only 48 cents.

It averaged $83.40 down from $82.92 last week.

A total of  US$15 million was allotted to both the main auction and the small and medium enterprises auction with the main auction getting US$14.1 million and the SME auction US$960 791.84.

Some 33 bids out of 139 were disqualified in the main auction while only 10 out of 85 were rejected in the SME auction.

The bulk of the money, $8.8 million, went to raw materials, machinery and equipment.

The highest rate offered today was $88 and the lowest $75.

Finance Minister Mthuli Ncube has promised to provide more money to the auction market as 87 percent of the country’s imports are now funded by the auction market.

(96 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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