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Zimbabwe dollar keeps declining versus the USD
(MENAFN)
The central bank of Zimbabwe has introduced its foreign exchange auction system for the second week as the Zimbabwe dollar has declined to 63.7442 to the USD from 57.3582.
The Reserve Bank of Zimbabwe (RBZ) has abandoned the USD1 to 25 ZWL fixed rate prescribed at the onset of the coronavirus outbreak at the end of March.
The highest bid stood at a total of 92 ZWL during the auction on Tuesday as the lowest bid stood at 37.82 ZWL, the bank said.
The most recent exchange rate still declined compared to the rate in the black market that was over 90 ZWL to the USD, illegal money changers kept looking for new ways to deal with the situation as Zimbabwe stopped phone-based money transfers that they were using.
The central bank of Zimbabwe has introduced its foreign exchange auction system for the second week as the Zimbabwe dollar has declined to 63.7442 to the USD from 57.3582.
The Reserve Bank of Zimbabwe (RBZ) has abandoned the USD1 to 25 ZWL fixed rate prescribed at the onset of the coronavirus outbreak at the end of March.
The highest bid stood at a total of 92 ZWL during the auction on Tuesday as the lowest bid stood at 37.82 ZWL, the bank said.
The most recent exchange rate still declined compared to the rate in the black market that was over 90 ZWL to the USD, illegal money changers kept looking for new ways to deal with the situation as Zimbabwe stopped phone-based money transfers that they were using.
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