Zimbabwe dollar sheds $17.76 to land at $4 577.50 to the US dollar

The Zimbabwe dollar continued its slide against the United States dollar shedding $17.76 to average $4 577.5024 with only one week to the crucial elections which will decide the country’s next leader.

Zimbabwe is holding harmonised elections on 23 August with President Emmerson Mnangagwa of ZANU-PF and Nelson Chamisa of the Citizens Coalition for Change as the main contenders. There are nine other candidates vying for the country’s top post.

The Zimbabwe dollar was under serious attack in June but it has now stabilised with the central bank saying it will continue its tight monetary policy measures to maintain the currency’s stability.

US$18.9 million out of the US$20 million on offer was taken up at today’s auction.

Offers ranged from $4 559 to $4 600.

The local currency could strengthen after the elections if ZANU-PF wins as Mnangagwa has indicated that the Zimbabwe dollar is here to stay.

Zimbabwe allowed multiple currency use until 2025.

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