Zimbabwe dollar official rate tanks by 49 percent

The Zimbabwe dollar suffered a bloodbath on Tuesday after a crashing an eye-popping 49%, according to data provided by the Reserve Bank of Zimbabwe (RBZ).

This is after the auction which took place.

The Zimbabwe dollar now trades at a heart-stopping 258.54 against against the US dollar. This is down from 165.99 a week ago.

The demand was higher this week as less dollars were made available. Just about USD6million were allocated this week against USD26 million last week.

The RBZ was recently told to sell what it has, while the government works on a backlog it expects to clear by end of the month.

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