Zimbabwe dollar falls by 2 cents against the US dollar

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The Zimbabwe dollar today fell by two cents against the United States dollar as the country’s inflation which largely depends on the stability of the local currency dropped to 194%, the lowest in nearly two years.

A total of 558 bids, 293 in the Small and Medium Enterprise sector and 265 in the main sector, were allotted US$35.8 million.

So far US$552.9 million has been disbursed through the auction this year bringing the total since the auction started in June last year to US$1.18 billion.

Zimbabwe is banking on the foreign currency auction market to propel its recovery and has predicted a growth of 7.4% this year.

It has also estimated that inflation will drop to around 10% by the end of the year.