Zimbabwe dollar officially breaches $800 to the US dollar

The Zimbabwe dollar today fell by $22.29 to average $801.6023 against the United States dollar, a fall of $96.19 since the auction re-opened on 10 January.

A total of US$18.3 million was allotted today but bids that qualified required US$26.3 million. Some 111 bids from the small and medium businesses and 52 bids from large firms were not allotted.

Offers ranged from $800 to $860 closing the gap with the black market rates which range from $900 to $1100.

The Reserve Bank of Zimbabwe has said it will liberalise the exchange rate this quarter.

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