The premium at Tuesday’s auction was 30%. It dropped to 22% today. A currency is said to have stabilised when the premium is around 10%.
A total of 14 bids worth US$10.6 million were submitted today and all were accepted but only nine bids were allotted US$7 million.
Offers at the auction ranged from $6 600 to $7 200.
According to Zimpricecheck the cash rate is still as low as $2 600 but the electronic money rate ranges from $7 600 to $8 200.
It says the maximum rate businesses can use is $7 256.4393.
Some economists say that measures taken by the government and central bank are likely to see the local currency stabilised closing the gap with the black market.
One economist said if the current measures persist, convergence will happen by mid-next month, the dominance of the Zimbabwe dollar by August, and practical de-dollarisation by the end of the year.
(120 VIEWS)
Zimbabwe’s currency, the ZiG, kicked off the week on a positive note after firming to…
Twenty-five white Zimbabwean farmers who took their R2 billion land damages claim to the South…
Africans must now tell their own stories because if they continue to denigrate themselves they…
Quarterly taxes, which are due next month, will force businesses to sell a quota of…
Zimbabweans will soon be able to change their ZiG to United States dollars and vice-versa…
Senator Sengezo Tshabangu yesterday expressed dismay at the pace at which the government is constructing…