Zimbabwe dollar stable

The Zimbabwe dollar today remained stable against the United States dollar on the first day business was allowed to resume operations after eight weeks of a strict lockdown  and averaged 83.8891against last week’s 83.8868.

A total of 540 bids, 236 from the small and medium enterprises sector and 304 from the main, were allotted a total of US$35.1 million with the bulk going to raw materials, machinery and equipment.

Offers narrowed a little from $82 to $88 last week to $82 to $87.

A total of US$281 million has been disbursed through the auction system this year bringing the total to U$906 million since the auction started on 23 June last year.

The country’s central bank has anchored price stability and reduction of inflation on the auction system and says the country’s economy will grow by 7.4% this year while inflation will end the year at below 10%.

Inflation dropped by 41 percentage points from 362.6% in January to 321.6% in February.

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