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

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.

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