Zimbabwe dollar stable against US dollar

The Zimbabwe dollar today remained stable against the United States dollar easing by just four cents to average 84.7653 against last week’s 84.7259.

There are fears that the local currency will tumble, especially on the black market, following new regulations which among other things ban cross rating with businesses being asked to convert prices in US dollars at the auction rate.

A total of US$38.5 million was allotted to 670 bids, 380 of them in the small and medium sector.

The auction which will be one year old in three weeks has so far disbursed US$1.4 billion with US$751.1 million being allotted this year.

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