The Zimbabwe dollar kicked off the year at $112.8228 against the United States dollar at today’s foreign currency auction, $4 lower than the $108.8660 at the last auction on 14 December 2021.
The auction was supposed to resume last week but was postponed because dealers were not ready.
A total of 812 bids were approved today and were allotted US$30.9 million. A further 269 bids were disqualified.
The lowest offer was $100 and the highest $126.
Economists have said that stabilising the local currency remains Finance Minister Mthuli Ncube’s main challenges this year as the gap between the auction rate and the black market rate remains too wide allowing for arbitrage.
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