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Zimbabwe’s official foreign currency exchange rate breached the 3 500 mark at the close of Tuesday’s Reserve Bank of Zimbabwe (RBZ) foreign currency exchange auction.
The auction ended with the Zimbabwe dollar officially trading at a weighted average of $Z3 673.77 per United States dollar.
Last week the rate shot up from Z$1 888. 01 to Z$2 577. 05 against the greenback driving the parallel market rate between Z$3 800 to Z$4 500.
As the value of the local currency continues to crash, retailers have started selling all basic commodities including, cooking oil, sugar, milk, washing powder, rice among others strictly in United States dollars according to a short survey conducted by Nhau/Indaba in Harare’s Central Business District (CBD) mid-morning Tuesday.
While there have been several calls to shelve the local currency, government remains confident that it will regain value.
However, there has since been a wave of incapacitation across all sectors in the country where workers are paid in Zimbabwe dollars. Nhau/Indaba
