The Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction results released today, shows that the country’s local currency Zimdollar is still not fairing well, against major convertible currencies.
A trading update released this afternoon shows that the official rate reached ZW$5 668, 22 against US$1 a slight rise from last week’s figures of about ZW$5 638.
About 19 bids were received, accepted and allotted funds.
Apparently, the local currency has been in the woods for years, amid calls by financial experts for the country to fully dollarise.
However, President Emmerson Dambudzo Mnangagwa is on record saying he would not dump the Zimdollar. He recently called on Zimbabweans to brace up for a single currency, the Zimdollar.
Banks have since been advised not to give loans in US dollar past 2025, as it is hoped that by then, the country would be using its own currency only.
Zwnews
