Zimbabwe Dollar Official Rate Almost Hit The Black Market Rate

The Zimbabwe dollar This Tuesday, 07 March 2023 shed $15.29 to average $907.9236 to the United States dollar closing the gap with the black market which remained stagnant at $1 000 to $1 300.

Offers at today’s auction almost hit the black market rate ranging from $900 to $996.

A total of 380 businesses, half from the small and medium sector, were allotted a total of US$18.1 million with l;arge companies getting US$15.9 million.

Business is worried about the increasing dollarisation of the economy but at the same time it is the one that has vast amounts of foreign currency and can therefore dictate the exchange rate.