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

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.

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