Zimbabwe dollar now officially at $6 000 to the US dollar

The Zimbabwe dollar today dropped to $5 978.6794 to the United States dollar closing the gap with the black market which was put at $7 800 by Zimpricecheck.

Offers by the small and medium enterprises ranged from $5 200 to $7 000 while those by large firms were from $5 900 to $7 155.

A total of 294 bids from SMEs worth USD$7.8 million were accepted but only 101 were allotted US$2.9 million.

Only 17 bids worth USD$16.4 million from large firms were accepted but only one was excluded with 16 being allotted US$15.4 million.

The central bank has released the brakes on the fall of the local currency and it is fast catching up with the black market as the premium is now down to 30%.

The internationally acceptable premium should be around 10%.

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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.