Zimbabwe dollar steady before tobacco auction starts


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The Zimbabwe dollar today remained steady against the United States dollar averaging 84.3970 against last week’s 84.4001 as the country readies for its tobacco auction which begins tomorrow.

Only $25.3 million was allotted to 334 bids, the lowest amount disbursed so far this year, probably because of the Easter Holiday which ended yesterday.

Offers remained within the $82 to $87.50 range.

All the bids allotted at the 13 auctions held so far this year have been above US$30 million except the one on 26 January when US$28 million was allotted.

The tobacco marketing season begins tomorrow and farmers have expressed optimism that prices should be higher this year because they had a good crop.

The local currency has usually firmed during the tobacco marketing period as tobacco is one of the country’s leading foreign currency earners.

(22 VIEWS)

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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