Zimbabwe dollar stable against US dollar

Zimbabwe dollar stable against US dollar

The Zimbabwe dollar maintained its stability against the United States dollar easing by nine cents at today’s foreign currency auction to average $85.5097 against last week’s $85.4234.

The central bank seems so confident of the stability that it introduced a $50 note months after this was announced.

A total of 840 bids worth US$42.3 million were approved, bringing the total so far allotted this year to US$961.9 million.

Business and some politicians have argued that the auction rate is being manipulated.

United States economist Steve Hanke says the black market rate is $142 to the greenback. He, however, says using that rate, inflation in Zimbabwe is now at 46.16%.

Officially it is 106.6%. The central bank expects it to drop to 55% this month and to less than 25% by the end of the year.



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