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Zimdollar further depreciates against US$

Local News
Zim dollar

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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