Zimbabwe dollar plunges by $483.21 as it plays catch-up with the black market

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.

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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.