Zimbabwe dollar officially breaches $1 000 to the US dollar

Zimbabwe dollar officially breaches $1 000 to the US dollar

The Zimbabwe dollar today officially breached the $1 000 mark to clock $1 000.0227 to the United States dollar.

A total of US$18.9 million was allotted to 290 small businesses and 292 to large firms with offers ranging from $978 to $1 125. Rates at Zimpricecheck ranged from $1 200 to $1 800.

President Emmerson Mnangagwa yesterday said it was encouraging that inflationary pressures continued to ease due to a combination of fiscal consolidation and tight monetary policy measures, but while inflation has been declining following the government’s decision to switch to bended inflation because 75% of the transactions in the country are now in United States dollars, the local currency continues to tumble. 

On the streets of Bulawayo the local currency is going for $1 400 to the greenback.

IH Securities says that the local currency depreciated by 34% in March and the black-market premium widened by 64%.

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