Zimbabwe dollar shed $4.21, now at $159.35 to the US dollar


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The Zimbabwe dollar today eased by $4.21 against the United States dollar to average $159.3482 but this is a far cry from the parallel market rate which ranges from $300 to $365 to the greenback.

The country’s largest industrial body, the Confederation of Zimbabwe Industries has complained that auction rules are being flouted and this has resulted in the widening gap between the auction and parallel market rates as well as the failure by the central bank to pay companies their allotments on time.

It said the backlog was in some cases more than 10 weeks.

Today, the auction allotted US$30.5 million to 1 261 businesses.

The lowest offer was $145 and the highest $180, both way below the black market rates.

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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.

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