Harare | The Zimbabwe Dollar has depreciated significantly against the United States Dollar on the official forex market.
At the wholesale foreign currency auction conducted this Tuesday, 03 October, the Zimbabwe dollar averaged $5 591.9615, down from $5 252.6558 per US Dollar last week.
The Reserve Bank of Zimbabwe (RBZ) said 20 bids were received and all the bids were accepted and received allotments.
As usual, the total amount on offer was US$20 000 000.00. However, the total value of bids received was US$18 682 426.00 and a similar amount was allotted.
The highest rate was ZWL$5 700.0000 while the lowest bid rate was ZWL$5 562.0000.
As the value of the Zimbabwe dollar continues to plummet, informal traders and public transport operators are rejecting the ZWL$50 note as they are now finding it burdensome to move around with huge bundles of “worthless” banknotes.
Economists say authorities should introduce higher denominations but there are fears that higher denomination notes will inadvertently increase the money supply.
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