The local currency has appreciated by nearly $2 000 in the past three weeks after hitting a low of $6 926.58 on 20 June.
The siege on the Zimbabwe dollar started at the end of May when President Emmerson Mnangagwa announced the date for this year’s elections set for 23 August..
The Zimbabwe dollar averaged $2 577.06 at the 30 May auction.
Yesterday the local currency appreciated to below $5 000 with offers ranging fropm $4 900 to $5 354.
There had been speculation that the currency would settle around $5 000 but it seems to correction will go further.
Finance secretary George Guvamatanga said the fall of the local currency was due to what he termed “greedlation”.
“What we witnessed over the course of the past two months was not inflation as we know it in economic terms, but rather ‘greedflation’….. forward-pricing practices resulted in the fast escalation of prices in the shops without any justification,” he said.
Mnangagwa at the weekend gave businesses seven days to rectify the situation threatening to name those who were sabotaging the economy.
(73 VIEWS)
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…