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Zim Dollar gains marginally against USD

The new exchange rate is pegged at ZW$83.32 to one United States dollar according to the auction results released by the Reserve Bank of Zimbabwe this Tuesday.

The development which shows a marginal gain by the Zimbabwe dollar from last week rate of 83.40.

All qualifying bids were allotted on a pre-rate basis as the Central bank continues to meet auction demands since its inception two months ago.
This Tuesday’s statistics showed the narrowing of the gap between the highest bid and the lowest bid, suggesting enhanced stabilisation of the exchange rate.

Raw materials continue to dominate the allocations on both the Small to Medium Enterprises auction and the Main auction system.

A grand total of 16 million United States Dollars was awarded.

Source
zbc
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