Zimbabwe dollar eases marginally against US dollar


THE Zimbabwe dollar moved marginally against the United States dollar at the weekly Reserve Bank of Zimbabwe foreign currency auction to trade at 81,67 compared to last week’s 81,35.

Data released by the central bank after this Tuesday’s auction reveals that the local currency unit is maintaining its stability against the United states dollar.

Reserve Bank of Zimbabwe monetary policy committee member, Mr Eddie Cross spoke on the impact of the auction system on overall economic development.

“We are all surprised by the performance of the auction and we hope it will continue to play an important role,” he said.
Industrialist, Mr Davison Norupiri said stability arising from the auction had also improved business confidence levels.

“At least one can plan and we can focus on the future as firms,” he said.

A total of 28 million United States dollars from the latest auction was allocated to key productive sectors of the economy.
The central bank information showed that the highest bid on the main auction was 90 dollars with the lowest being pegged at 80.

On the SMEs platform, the highest bid was at 86 dollars and the lowest at 79.