HARARE - Zimbabwe’s dollar plunged 40% on the parallel market on Monday as demand for foreign exchange outpaced supply.
The local unit was trading at 10,900 Zimbabwean dollars per U.S. dollar, with the official exchange rate still at 6,467 Zimbabwean dollars, according to exchange rate monitoring platform ZimPriceCheck.com.
The spiralling exchange rate in the mineral-rich nation — which gets 85% of its foreign exchange from mining — has been attributed to the end of tobacco sales and a softening of global commodity prices.
