Zimbabwe’s new auction opens with $57.36 exchange rate

Business Top Stories Zimbabwe

Ndakaziva Majaka

The official Zimbabwe Dollar: US Dollar exchange rate is now $57.36 following operationalisation of the Southern African country’s Foreign Exchange Auction System on Tuesday.

The exchange rate had remained at 1: 25 since March 2020 under Zimbabwe’s managed rate.

The street rate stood at an average $77 by close of business on Tuesday.
The new system will see the auction open every Tuesday, meaning the official rate will likely continue changing