Zimbabwe dollar plunges more than $1 000 to land at $3 673.77 to the US dollar


0

The Zimbabwe dollar today plunged by more than $1 000 to land at $3 673.7718 to the United States indicating that the central bank has released all the brakes on the local currency’s freefall.

Offers at today’s auction ranged from $3 500 to $4 100 almost matching black market rates which ranged from $2 400 for cash and $4 600 for swipe.

Demand for foreign currency continued to be high despite the fact that the central bank has reduced the amount on offer to US$5 million a week.

A total of 298 bids worth US$2.8 million were accepted from small businesses whoie 210 bids worth US$22.6 million were accepted but only 82 bids from small businesses were allotted US$829 418 while 38 bids from bigger firms got US$4.2 million.

 

(97 VIEWS)

Don't be shellfish... Please SHAREShare on google
Google
Share on twitter
Twitter
Share on facebook
Facebook
Share on linkedin
Linkedin
Share on email
Email
Share on print
Print

Like it? Share with your friends!

0
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.

0 Comments

Your email address will not be published. Required fields are marked *