Zimbabwe forex auction has allotted US$3.1 billion to date


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Zimbabwe’s foreign exchange auction has allotted US$3.1 billion since its inception in June 2020.

The country now, however, has three exchange rates but the gap between them is too wide.

The current auction rate is $173.27 while the interbank rate is $283.65 and the black market rate ranges from $360 to $420.

The Reserve Bank of Zimbabwe has urged business to use the interbank rate for pricing.

 

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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.

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