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.