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Zimdollar tanks

by Staff reporter
23 May 2023 at 21:15hrs | Views
THE official exchange rate at the Reserve Bank of Zimbabwe (RBZ)'s Foreign Exchange Auction System today jumped to US$1: ZWL$1,888 with US$14 million allocated to businesses.

Last week, the rate was pegged at $1 404 to the United States dollar.

In an update after the weekly auctions system, the Apex Bank said a total of US$14, 166,812,38 was allocated.

The main auction was allotted US$13, 209 million while the Small and Medium Enterprises (SMEs) got US$957, 712 million.

The main action received 469 bids, down from 490 last week while the SMEs had 674 up from 569 received last week.

Today marked the commencement of the pre-announced allocation envelope on a pure Dutch auction basis, which is expected to stabilise the exchange rate.

Source - The Chronicle