Zimbabwe dollar stable as forex allotted this year surpasses one billion

The Zimbabwe dollar today remained stable at $85.51 against the United States dollar as the auction allotted US$45.1 million to 903 companies and small businesses to push the total for this year to US$1 billion.

Bids remained within the $82-$90 range but the local currency averaged $85.5099 against last week’s $85.5097.

The Reserve Bank of Zimbabwe has published the list of 1 545 companies and 2 443 small businesses that received more than US$1.5 billion from the auction between June last year and June this year.

Zimbabwe is banking on the auction to stabilise the economy and expects inflation to drop to 55% this month and to 25% by the end of the year.

United States economist Steve Hanke who estimated Zimbabwe’s inflation at 46.2% at the beginning of this month has revised it to 69.4%.

Official inflation for June is 106.6%.

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