The Zimbabwe dollar today plunged by $483.21 to average $1 888.0119 against the United States dollar narrowing the gap with the black market which had a cash rate of $1 700 and a swipe rate of $3 300.
More than 1 100 bids worth US$60.3 million were accepted at today’s auction but only 225 were allotted US$14.2 million showing that there is an appetite for cheap money.
Offers at today’s auction ranged from $1 801 to $2 100.
According to Zimpricecheck the black market buy rate was $2 640 and the sell rate $2 970 while OneMoney was at $2 200 and EcoCash at $3 000.
There has been some finger-pointing at who is destabilising the market with the government accusing business of back-stabbing it while business blames the government.