Local currency marginally gains against US$

By ZBC Reporter
THE stability of the local currency against the united states dollar continues according to this Tuesday’s Reserve bank of Zimbabwe foreign Currency Auction results with the local unit marginally gaining from last week’s 81.69 to 81.50 demonstrating growing confidence by economic players ever since the introduction of the market based auction system.
A total of US$31 million was fully allotted against the corresponding bids speaking volume of the central bank’s capacity to meet forex demands for the country.
This shows the increase in the amount of foreign currency being accessed on the auction system which points to exchange rate stability.
The foreign currency auction system was launched in June this year as a way of countering the parallel market rate which was going up on a daily basis. With the local currency firming against US$, it shows that government is on track getting the economic fundamentals right for a stable economy.