Wednesday, February 8, 2023
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Zimdollar further depreciates against US$

THE Zimbabwe dollar has continued its freefall against the greenback, with results from the Reserve Bank of Zimbabwe (RBZ)’s foreign currency auction on Tuesday showing that it is trading at $732 to the United States dollar.

Following last week’s auction, the Zimdollar was trading at $705 to the US dollar.

In a statement, the central bank said a total of US$14 471 109,58 was allotted on Tuesday at the foreign currency auction, up from US$10 806 183,25, which was allotted last week.

The bulk of the allotment went to raw materials procurement with US$7 938 975, followed by machinery and equipment at US$942 396.

The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was US$1 748 201,30.

On the parallel market, the Zimbabwean dollar is trading at $1100 to the US dollar.

Last month, the local currency was trading at $900 to the US dollar on the parallel market.

Zimbabwe’s consumer price inflation, however, slowed to 243,8% year-on-year in December 2022, down from the previous month’s 255,0% and it moved further away from August’s 18-month high of 285%.

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