Business

Zim$ loses ground at Rbz auction

The Zimbabwe dollar Tuesday eased by $16.35 to average $494.9883 down from last week’s $478.6358 but the black market rates remained stable at $800 for swipe and zipit, $750 for mobile money and $700 for cash.
The Reserve Bank of Zimbabwe has said it is now winning the war as the official rate is closing in on the black market rate.
President Emmerson Mnangagwa admitted on Sunday that the government had been fueling the black market but this was not intentional.
The interbank rate today was $488.6269 while the gold coin rate stood at $507.6978.
Only US$16.6 million was allotted today to 316 small and medium businesses and 120 large firms.
Offers at the auction ranged from $460 to $550.

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