Categories: Stories

Zimbabwe dollar falls by 5 cents as forex auction closes for the year

The Zimbabwe dollar today fell by five cents against the United States dollar to average $81.7866 but the highest and lowest offers remained at $86 and $80 for the third auction in a row.

A total of US$29.6 million was disbursed today to 120 bids in the Small and Medium Enterprises auction and 227 in the main auction.

Only nine bids in the SME sector and 10 in the main were disqualified.

So far US$624.9 million has been disbursed through the auction since it started on 23 June.

The auction will be closed for the next two weeks and reopens on 12 January.

The Optional Market Implied Rate also rose to its highest level since the auction started and was pegged at $97.01 today.

This is viewed as a sign of investor confidence in the forex auction system.

(51 VIEWS)

Don't be shellfish... Please SHARE
Google
Twitter
Facebook
Linkedin
Email
Print

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

Are Zimbabweans giving social media more credit than it deserves?

The role of social media on how people get their news in Zimbabwe is being…

May 3, 2024

Top 20 countries in debt to China- Zimbabwe is not one of them

Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…

May 1, 2024

Is Zimbabwe now on the right track?

The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…

April 30, 2024

Watch: RBZ governor warns those selling ZiG at 20:1 could be buying it at 10:1 in June

Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…

April 29, 2024

US loses its place as most influential power in Africa to China

The United States lost its place as the most influential global power in Africa last…

April 27, 2024

Zimbabwe central bank chief says street forex dealers cannot destabilise the ZiG

The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…

April 26, 2024