Categories: Stories

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.

(87 VIEWS)

This post was last modified on %s = human-readable time difference 6:01 pm

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.

Recent Posts

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024