Zimbabwe dollar sheds $33.36 to end at $580.19 to the US dollar


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The Zimbabwe dollar today shed $33.36 to average $580.19 to the United States dollar closing the gap between the official rate and the black market rate which now ranges from $800 to $850.

Offers at today’s auction ranged from $545 to $630 and a total of US$14.1 million was disbursed to 288 small businesses and 99 large firms.

Inflation is supposed to start declining from next month and this could see prices stabilising.

Even the business sector is now accepting that measures introduced by the government, which include gold coins, high of interest rates and as well as value for money audits before government pays any suppliers, are beginning to pay off.

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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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