Zimbabwe dollar kicks off year at $705.42 to the US dollar

The Zimbabwe dollar today kicked off the year, 2023, at $705.4164 to the United States dollar, a drop of $33.9698 since the last auction on 13 December 2022.

This was almost at par with today’s interbank rate which stood at $704.9228.

Only 130 bids were allotted US$10.8 million with 63 bids from the major companies getting over US$10 million.

Offers ranged from $690 to $740 compared to $665 to $690 at the last auction.

The central bank is being urged to liberalise the foreign exchange market to narrow the gap with the black market.

Finance Minister Mthuli Ncube said the auction system will be reviewed this quarter in line with inflation trends.

The black market has once again gone haywire with the local currency ranging from $900 for cash to $1 100 for swipe.

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