New official Zim dollar exchange rate to the USD out

It is official.

We have a new exchange rate.

The Zimbabwe now officially trades at 57.36 to the one US dollar.

The new rate came after the new Reserve Bank of Zimbabwe auction system kicked off on Tuesday.

This exchange rate will run for one week until next Tuesday when the next auction is held. In terms of the new system, the auctions will be held every Tuesday, meaning we will have a new rate every week- provided it changes.

Yes, 16 months ago it was 1:2.50.

The rate makes it closer to the black market rate and should make for interesting reaction around the price of goods across the market. Expect fuel and electricity to go up soon.

It’s crazy gang. Just crazy.

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