Zimbabwe dollar plunges to $458.37 to the US dollar


In one of the biggest drops since 17 May the Zimbabwe dollar yesterday shed $42.08 to average $458.3653 to the United States dollar down from $416.2890.

The local currency had been dropping by an average of $13 every week following its plunge from $173.27 on 10 May to $258.54 on 17 May, the biggest drop for the year.

A total of US$19.3 million was allotted yesterday to less than 700 bids, 521 from the small and medium sector.

Offers ranged from $420 to $500 narrowing the gap with the black market rates which range from $700 to $950.

The swipe or Zipit rate of $950 has been stable since the introduction of the gold coin on 25 July. The coin is reported to have mopped out over $1 billion in excess liquidity last week after only 1 500 coins had been sold.

The Reserve Bank of Zimbabwe said 85% of the coins purchased so far were bought in local currency. It has released an additional 2000 coins.

The gold coin went on the market at US$1 823.80 and was pegged at US$1 868.74 today. It sold for $805 745.35 when it was launched and is selling for $892 518.37 today.


Don't be shellfish... Please SHAREShare on google
Share on twitter
Share on facebook
Share on linkedin
Share on email
Share on print

Like it? Share with your friends!

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.


Your email address will not be published.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