Zimbabwe dollar falls by $6.65


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The Zimbabwe dollar today shed $6.65 to the United States dollar to average 165.9942 against last week’s 159.3482 but this is now less than half the black market rate which ranges from $320 to $400.

Offers on the auction ranged from $155 to $240.

More than 1 500 bids were allotted US$28.7 million with the bulk of the money, US$24.1 million going to 429 large firms.

The government says it will soon announce measures to prop the local currency and promote its greater usage in the market.

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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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