Zimbabwe dollar sheds $4.66 to average $626.19 to the US dollar

The Zimbabwe dollar today shed $4.66 to average $626.1893 to the United States dollar confirming the stability that it has enjoyed since the government introduced measures to shore up the local currency three months ago.

A total of US$10.5 million was allotted to 124 small companies and 64 large firms today with offers ranging from $590 to $660.

Black marker rates at Zimpricecheck ranged from $700 to $820.

The Reserve Bank of Zimbabwe’s Monetary Policy Committee was satisfied with the convergence of the official and parallel market rates, saying that the premium, now between 5 and 15%, was in line with international norms.

The premium was 146% in May.

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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.