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Tuesday, October 4, 2022
HomeBusinessZim Dollar Marginally Drops

Zim Dollar Marginally Drops

The Zimbabwe dollar marginally retreated by 0.51 percent (ZWL$0.43) to ZWL$ 82.99 against the American dollar in the latest auction trading conducted this afternoon as the local currency continues to hold its own after months of rapid decline since its introduction 18 months ago.

Since the introduction of the foreign exchange auction, the platform have been crucial in the price discovery of the local currency with market forces now determining the official exchange rate unlike under the foreign currency inter-bank market regime where the rate was being manipulated by the Central Bank.

 

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