Zimdollar near flat at $81.44 against the US dollar

The local currency appreciated a marginal 0.06% as it firmed against the dollar in the latest auction. The Zimdollar now trades at 81.4439 against the dollar from 81.4965 attained last week.

The latest appreciation cements the trend of gains noticed during the month of September as the local currency was 2.34% firmer against the USD.

This week the highest allotted rate was 86.00, dropping down from last week’s 86.70 and the lowest rate for the main auction coming in at 78.00 which was unchanged from last week thereby narrowing down the spread between bids to 10.26% from 11.15% last week.

This, however, comes as the ZNCC national president Tawanda Mugaga blasted the auction system saying that those on the priority list were rigging the auction as they were bidding lower rates since they have preference. He called for the priority list to be abandoned that the SMEs auction be abolished as it was not representing the entire interests of the sector.

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