Zimbabwe dollar slides to $379.23 to the US dollar


The Zimbabwe dollar today shed $12.96 at today auction to average $379.2280 down from $366.2687 last week with offers ranging from $357 to $405 which is closer to the black market cash rate of $460 to the greenback.

The black market swipe rate, however, continues to tumble and is now at $740 while the mobile money rate has been stagnant at $580 for weeks.

A total of US$23.4 million was allotted today with only US$3.7 going to small and medium enterprises.

The central bank has introduced measures to shore up the local currency but only time will tell if they are having any impact.

It appears, however, that the black market cash rate and the mobile money rate have been arrested and have been at a standstill for weeks.

Only the swipe and ziptit rates have gone haywire, probably indicating that it is corporates or individuals with huge sums of money that are prepared to pay high prices for the greenback.

Gold coins, also aimed at stabilising the local currency, will only be on sale from 25 July which is almost three weeks from now.


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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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