Official Exchange Rate Shoots To 2 500

Zimbabwe’s official exchange rate shot up to Z$2 577.05 to one United States dollar, results of Tuesday’s Reserve Bank of Zimbabwe (RBZ) foreign exchange auction show.

Last week the auction closed with the Zimbabwe dollar pegged at a weighted average of 1 888. 01 against the greenback.

The crumble of the local currency comes amid massive price hikes for most basic commodities by retailers, a scenario that has eroded the wages of low-income earners.

Workers from Zimbabwe’s various sectors have since started declaring incapacitation as inflation spirals out of control. Nhau/Indaba