Categories: Stories

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.

(47 VIEWS)

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

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

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024