Categories: Stories

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.

(185 VIEWS)

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.

Recent Posts

Reserve Bank of Zimbabwe expects more foreign currency sellers to join the interbank market

The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…

December 4, 2024

Zimbabwe 2025 citizens’ budget

Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…

November 28, 2024

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024