Zimbabwe dollar falls again against US dollar

HARARE – The Zimbabwe dollar today fell by $1.85 against the United States dollar to average $98.9821 against last week’s $97.1361 as the auction allotted US$46.4 million to a whopping 1 850 entities.

Offers widened with the lowest offer at $95 and the highest at $120.

The local currency fell by $4 last week as the auction continues to battle to narrow the gap between the official and the black market rates.

A total of 1 934 bids were received today indicating that more people are turning to the auction.

It is not clear whether the central bank has managed to clamp down on speculators coming to the auction to buy foreign currency to sell on the black market.

It only named and shamed a few companies and has been quiet since.

The Insider