The Zimbabwe dollar today shed $24.07 to end up at $604.2580 to the United States dollar closing in on the black market rate which now ranges from $700 to $750.
Offers at today’s foreign currency auction ranged from $575 to $655 just $45 shy of the black market cash rate. The black market mobile money rate was said to be $730 and the swipe rate, $750.
A total of US$15.6 million was allotted at today’s auction with only US$2.2 million going to small and medium enterprises.
It is not yet clear whether the government is winning the war or not but Finance Minister Mthuli Ncuibe said inflation would start declining after September.
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