Zim Dollar Continues Slide

The Zimbabwean dollar has continued it’s slide against the bench mark united states dollar.

At this weeks’ auction, the Zim dollar was packed at 84. 61 to $1US.

This is a continuation of a trend that has been prevailing on the auction market. As at last week, the local currency was trading at 84, 53 cents up from the previous 84, 50c which itself was an increase from the previous week’s trading at which the local currency was at $84, 48.

In an interview with this publication last week, the central bank govenor, Dr John Mangudya dispelled fears of a gradual devaluation of the local currency saying that the local currency has been oscillating between the 84 to 88 spread.

However, the continuous rise in prices of basic commodities as well as the continued fuel price increase by ZERA seem to point to a not so rosy economic outlook.


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