Zimbabwe dollar falls by only $2 to average $628.20 to the US dollar

The Zimbabwe dollar today fell by only $2 to average $628.1975 to the United States dollar against last week’s $626.1895 confirming that the local currency has stabilised.

It is also now an advantage to buy with US dollars in the shops than to change money on the black market first as shops are allowed  to use the willing buyer willing seller rate within a margin of 10%.

Zimpreicecheck, which monitors rates used by shops to calculate prices for their goods, says these prices currently range from $700 for cash to $780 for mobile money and $820 for swipe.

It, however,emphasises that these are not black market rates one can obtain on the streets.

“There is a difference between the rate that shops use for their calculations e.g. when you have to top up in Zimbabwe dollar notes versus the rate you will get by illegally selling USD on the streets. We don’t publish street or black market rates….For example, some shops currently use a cash rate of $800.00 cash per US$1 when setting their prices. On the streets, you would probably only get $620,” it says.

The interbank rate, which changes every trading day from Monday to Friday, was this morning pegged at $628.

Today a total of US$11.1 million was allotted to 123 small companies and 60 large firms and offers ranged from $590 to $670.

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