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.
(178 VIEWS)
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…
The Zimbabwe International Trade Fair (ZITF) has announced an ambitious long-term plan to turn the…