Zimdollar continues gains against greenback

Harare (New Ziana) – For the fourth week running, the Zimbabwe dollar gained against the greenback at this week’s foreign exchange auction during which about US$11 million of the US$20 million available was taken up.

The local currency, which was trading at $4 998.8352 last week, gained slightly above $200 to trade at $4 771.3854 to the US$, with all 15 bids received being accepted and allotted to the tune of US$11 597 990.

The total amount on offer for the day was US$20 million. The highest rate received was $4 900.1547 while the lowest was $4 500 to give an average weighted rate of S$4 771.3854.

All bids within the pre-announced amount were allotted in full while those with overdue CDIs, outstanding bills of entry (BOEs) and insufficient local currency were turned down. Also disqualified were entities with sufficient FCA balances in their accounts.

New Zian