ZIMBABWE dollar maintained its stability against the US dollar at the weekly auction floor after a marginal shift to trade at 81,35 from 81,34 last week.

According to the RBZ data released after Tuesday’s auction, the weekly movement of the official rate continues to be within the range of at least one percent.

The highest bidder on the main auction was at $89 while the lowest bid remained at $80.

On the SMEs auction the highest offered was at $86 while the lowest accepted bid was at $70.

University of Zimbabwe Business School Director, Dr Nyasha Kaseke says the continued stability of the local dollar will also depend on favourable fiscal and monetary policy measures.

“It is all about how the fundamentals in place are fine tuned in the context of stability,” he said.
Confederation of Zimbabwe Retailers president, Mr Denford Mutashu said the stable exchange rate has seen a slowdown in prices.

“The gradual trend is therefore for everyone to see in the form of stable pricing models,” he said.

Large scale firms were the biggest beneficiaries of this week’s auction after accounting for over 27 million United States dollars while smaller businesses received a total of one comma seven million United States dollars. – ZBC