Zimbabwe dollar falls by 59 cents, auction fails to meet bids in full


1

The Zimbabwe dollar today fell by 59 cents against the Zimbabwe dollar and for the first time since 4 August last year when Zimbabwe held its seventh foreign currency auction today’s auction was not able to meet all the bids accepted in full.

The dollar dropped from $82.0833 last week to $82.6756 today.

Bids worth US$2.6 million were accepted under the Small and Medium Enterprises auction but only US$1.97 million was allotted and in the main auction US$26 million was allotted after bids worth US$37.1 million had been accepted.

The offers were within range with the highest offer being $87 and the lowest offer $80 but the lowest offer accepted was $82.

The shortage of US$11.7 million on the official market could fuel the black market.

Next week’s auction will tell.

(212 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

1
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.

0 Comments

Your email address will not be published. Required fields are marked *