Zimdollar in 5% drop at central bank forex auction

Source: Zimdollar in 5% drop at central bank forex auction – NewsDay Zimbabwe

THE Zimbabwe dollar fell 5% to $72,14 against the greenback yesterday at the central bank’s foreign currency auction.

BY BUSINESS REPORTER

At last week’s auction, bidding ended at a rate of US$1:$68,88
The highest bid at the end of yesterday’s foreign currency auction was US$1:82,17 while the lowest was US$1:$55, indicating some bidders continue to buy the greenback at below its true value.

Last week, the highest bid was $85 and the lowest, $40, against the greenback.

The Reserve Bank of Zimbabwe has not published a list of bidders and bids made despite promising transparency at the inception of the foreign currency auction system.

The total amount allotted was US$14 853 708,88 from total bids worth US$20 316 134,74. Last week, the total amount allotted at the fourth session of the foreign currency auction was US$15 988 219,59 from total bids of US$18 719 664,66.

Meanwhile, the Zimdollar was yesterday trading at US$1:120 on the black market.

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