Zimbabwe dollar now at $4 537.49 to the US dollar

The Zimbabwe dollar today gained $233.89 against the United States dollar to average $4 537.4909 with prospects of further strengthening as offers ranged from $4 450 to $4 711.

Bankers had hoped it would settle at around $5 000 but the local currency continues to firm though prices have not been reduced to match the strengthening of the local currency.

Finance Minister Muthli Ncube said the high prices were unacceptable.

“As the government, we have noticed that some shops right across the board have been using implied exchange rates which are way above what is acceptable in terms of the market-determined rate,” he said.

 “This is unacceptable. We have been very tough on them and recently as you saw we recommended the withdrawal of trading licences for some players in the pharmaceutical sector.  We are continuing to monitor others and we will not hesitate to withdraw trading licences.”

On how long the rally of the Zimbabwe dollar will last, Ncube said: “It will last, we are determined to ensure that stability is engendered and solidified in the economy.” 

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