Zim dollar narrows gap with black market rate as it falls to $308.52 to the US dollar
HARARE – The Zimbabwe dollar today fell by $17.63 to average $308.5201 to the United States dollar down from $290.8876 last week.
It has narrowed the gap with the black market rate which now ranges from $360 to $450 depending on the mode of payment but was $7 more than the prevailing interbank rate.
Zimpricecheck noted the interbank rate as $301.4994
The local currency has managed to sustain itself against the black market rate for most of this month but the auction rate dropped from $165.99 on 3 May.
Some economists have predicted that the Zimbabwe dollar will collapse next month which begins tomorrow.
A total of US$25.6 million was allotted at today’s auction with US$4.4 million going to 613 small and medium enterprises and US$21.2 million to 235 large companies.
Offers ranged from $290 to $340.-thezimbabwemail
