Zimbabwe dollar sheds $142 to average $1 212.54 to the US dollar

The Zimbabwe dollar today shed $142.13 to average $1 212.5448 to the United States dollar with offers ranging from $1 151 to $1 400 while blackmarket rates were as low as $2 300 according to Zimpricecheck.

Local media reports have put the black market rate at a staggering $2 700.

Stockbroking firm IH Securities says the premium on the blackmarket rate of the Zimbabwe dollar widened by 101% last month, up from 65% at the beginning of the month.

The central bank introduced gold-backed digital coins to shore up the local currency yesterday but they will only be issued on Friday.

A total of US$16.3 million was allotted at today’s auction. Although bids from 486 small and medium businesses were accepted only 281 were allotted. The same applied to large firms where 276 bids were allotted when 442 had been accepted.

(133 VIEWS)