Zim Dollar Loses Ground Against USD At Forex Auction

The Zimbabwe dollar yesterday fell by $47.31 to average $779.3101 to the United States dollar but the black market remained stagnant at between $900 to $1 100 to the United States dollar.

A total of 445 bids totalling nearly US$24 million were accepted at today’s auction but only 250 bids were allotted a total of US$13.9 million.

Business has been calling for the liberalisation of the foreign currency market because the auction is now playing a minimal role as nearly 90% of the foreign currency being paid out of the country is now coming from foreign currency accounts.

The government said it would be watching inflation trends before liberalising the market.

Reserve Bank of Zimbabwe governor, John Mangudya is expected to present his monetary policy statement next month.

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