Zimbabwe dollar narrows gap with black market rate as it falls to $308.52 to the US dollar


-1

The Zimbabwe dollar today fell by $17.63 to average $308.5201 to the United States dollar down from $290.8876 last week.

It has narrowed the gap with the black market rate which now ranges from $360 to $450 depending on the mode of payment but was $7 more than the prevailing interbank rate.

Zimpricecheck noted the interbank rate as $301.4994

The local currency has managed to sustain itself against the black market rate for most of this month but the auction rate dropped from $165.99 on 3 May.

Some economists have predicted that the Zimbabwe dollar will collapse next month which begins tomorrow.

A total of US$25.6 million was allotted at today’s auction with US$4.4 million going to 613 small and medium enterprises and US$21.2 million to 235 large companies.

Offers ranged from $290 to $340.

(204 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

-1
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.

0 Comments

Your email address will not be published.