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The government is actively engaging with business entities that manipulate the exchange rate by relying on black market rates, urging them to adopt the official exchange rate instead.
According to statistics published on the Reserve Bank of Zimbabwe (RBZ) website on September 5, the average exchange rate was US$1 to ZiG 13.8742.
Reports indicate that some formal businesses are limiting their acceptance of the ZiG, while others are employing tactics such as dual pricing and inflating USD prices to bypass the interbank rate.
George Guvamatanga, Permanent Secretary in the Ministry of Finance, Economic Development and Investment Promotion, said that while the government plans to intervene, it aims to do so without disrupting the market. Said Guvamatanga:
<blockquote>
Indeed this is what is happening in the market by some unscrupulous businesses, not all of them, but we are taking note and will act decisively.
But remember, we need to consult and do so in a manner that does not disrupt the acceptance and performance of the ZiG so far.
I can tell you there is no reason why the ZiG should be devalued because it is backed by gold and foreign currency reserves.
</blockquote>
Zimbabwe National Chamber of Commerce chief executive officer, Christopher Mugaga told <a href="https://www.zbcnews.co.zw/local-news/government-intervenes-to-end-dual-pricing/">ZBC News</a> that there was no need for retailers and wholesalers to use parallel market rates. Said Mugaga:
<blockquote>
Indeed as big business we are witnessing those uncouth practices that are currently being employed by retailers and wholesalers in the market.
The ZiG has been widely accepted and the premium of the formal rate has largely widened, which requires business to work together.
</blockquote>
The Reserve Bank of Zimbabwe (RBZ) introduced the Zimbabwe Gold (ZiG) currency in April, following the collapse of the Zimbabwe dollar (RTGS and bond notes).
Just five months later, the new currency has experienced significant depreciation, now trading at US$1 to ZiG24 on the parallel market. At the time of its launch, the ZiG was valued at US$1 to ZiG13.50.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The government is talking to businesses who cheat on exchange rates, urging them to use official rates. Some businesses are not happy using the Zimbabwe Gold (ZiG) currency and are charging higher prices in USD. The government is planning to stop this without causing problems. The ZiG currency is backed by gold and should not be devalued. Business groups say everyone should use the official exchange rate and work together. The new ZiG currency has dropped in value since it was introduced, now trading at US$1 to ZiG24 on the black market.

Govt Engaging Business Over Exchange Rate Manipulation - Guvamatanga

Bulawayo Mayor Councillor David Coltart has called for Zimbabwe to either abandon the ZiG or exclusively adopt the US dollar and the Rand, citing significant losses incurred by local authorities and supermarkets due to exchange rate disparities.
In a post on his X page, Coltart highlighted the issues stemming from the use of an official exchange rate (US$1: ZiG13.80) compared to a street rate (US$1: ZiG24), which has led to financial losses for businesses forced to operate under the official rate.
The CCC councillor added that aside from abandoning the ZiG in favour of the USD and ZAR, the only viable alternative for Zimbabwe is to allow the ZiG to float freely without artificial rate manipulation.
Coltart’s remarks follow reports that TM Pick n Pay has permanently closed its Harare Street branch. He wrote:
<blockquote>
Last night I had dinner with a Bulawayo supermarket owner and he told me of his inability to compete with the informal sector – unlike the informal sector he has to pay taxes, rates and his staff – but most of all he is compelled to sell his goods at the official ZIG rate.
He is buying the same goods he has to sell at the official ZIG from manufacturers who sell to him with impunity at the ZIG parallel rate.
Informal traders can come to his supermarket and buy the same goods in ZIG having burned their US$ and who then sell the same for US$ at a lower price in US$ than the supermarket can sell it for, thus totally undercutting the supermarket, right outside its doors.
He doesn’t know whether he can continue – and at the root of this all is the government’s insistence that the ZIG be artificially kept at a value which bears no relation to its actual value. Tied to this is seemingly one law for retailers and another for manufacturers.
The City of Bulawayo isn’t exempt from this either. The City is forced to accept payment of rates at 13.80 at present when the real rate in the streets is 24. This is further undermining the balance sheet and general finances of Bulawayo.
Zimbabwe has been down this path created by insane policies far too often.
I have said repeatedly that a new Zimbabwean currency should only be introduced when trust in the RBZ and Ministry of Finance has been restored. It had not been when ZIG was introduced and trust has been further undermined since its introduction.
We have no choice but to abandon the ZIG again and revert to either the US$ or Rand. If we do not entire swathes of industry and the retail sector will be destroyed. The only other option is to allow the ZIG to float freely without artificial manipulation of its rate.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Supermarkets and councils in Zimbabwe are struggling because of the exchange rates. One mayor wants to stop using the local currency and switch to US dollars or South African rand. A supermarket owner said he can't compete because he has to sell goods at a low official rate, even though he buys them at a higher street rate. The City of Bulawayo is also losing money because they have to accept lower rates for payments. The mayor thinks Zimbabwe should switch to a different currency or let the local currency's value go up and down naturally. If they don't change, many businesses could fail.

Supermarkets, Councils, Chocking Under "Artificial" ZiG Rate

Zimbabwe is taking steps to stabilise its local currency as it faces economic challenges. Finance Minister Mthuli Ncube recently announced plans to link the exchange rate of the Zimbabwean dollar to hard assets like gold and establish a currency board, <a href="https://www.reuters.com/world/africa/zimbabwe-announce-new-money-supply-growth-mechanisms-create-currency-board-2024-02-12/">Reuters</a> reported. The Zimbabwean dollar has experienced a significant decline of around 40% since the beginning of the year due to factors such as increased foreign currency demand from civil servants receiving December bonuses and lower commodity prices affecting inflows.
President Emmerson Mnangagwa also stated recently, the government’s intention to introduce a “structured currency” without providing details, and the central bank governor confirmed that work is in progress. Minister Ncube explained that the aim is to manage liquidity growth, which is closely tied to money supply growth and inflation. By linking the exchange rate to a hard asset like gold, a currency board system would be implemented to limit the growth of domestic liquidity based on the value of the asset backing the currency.

<ul>
<li><a href="https://www.pindula.co.zw/2024/02/06/president-mnangagwa-says-currency-reforms-coming-to-restore-economic-stability/">President Mnangagwa Says Currency Reforms Coming To Restore Economic Stability</a></li>
<li><a href="https://www.pindula.co.zw/2024/02/11/zimbabwe-treasury-pursues-permanent-solution-to-address-currency-and-price-distortions-mnangagwa/">Zimbabwe Treasury Pursues “Permanent Solution” To Address Currency And Price Distortions – Mnangagwa</a></li>
</ul>
Minister Ncube stated that further announcements regarding these measures will be made in the future, expressing confidence that they will provide a long-term solution to currency volatility. He said in a press briefing:
<blockquote>
The idea going forward is to make sure that we manage the growth of liquidity which has a high correlation to money supply growth and inflation. The way to do that is to link the exchange rate to some hard asset such as gold.
To do that you have to have some sort of currency board type system in place where the growth of the domestic liquidity is constrained by the value of the asset that is backing the currency.
</blockquote>
Zimbabwe, still haunted by memories of hyperinflation during Robert Mugabe’s regime, relaunched its local currency in 2019 after a period of dollarisation. However, the currency rapidly lost value, leading authorities to reintroduce the use of foreign currencies in domestic transactions.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Intends To Link The Exchange Rate To Hard Assets Including Gold

The Zimbabwe dollar shed $18.57 to average $5 774.2758 to the United States dollar at the foreign exchange auction conducted this Tuesday, 21 November 2023.
The local currency has been on a decline against the greenback over the past several weeks but the rate of decline has slowed down with most of the transactions now in foreign currency.
Today, the total amount on offer was US$20 000 000.00 but US$17 309 350.08 was allotted.
18 bids totalling US$$17 309 350.08 were received and all the bids received allotments.
The highest rate received was ZWL$5 792.0000, while the lowest bid rate allotted was 5 760.0000.
The highest amount allotted for the Retail Auction was for raw materials (US$866 444.48) followed by machinery and equipment (US$586 565.83).
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Zimbabwe Dollar Moves To $5 774.28 Against The US Dollar

The Zimbabwe dollar depreciated slightly against the United States dollar at the foreign exchange auction conducted on Tuesday, 07 November 2023.
According to the Reserve Bank of Zimbabwe (RBZ), this week, the weighted average moved to ZWL$5 738.7217 per US$1.00 Last week the weighted average was ZWL$5 718.4090.
Today, the total amount on offer was US$20 000 000.00 but US$17 460 100.00 was allotted, down from the US$17 798 011.00 allotted last week.
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20 bids totalling US$17 460 100.00 were received and all the bids received allotments.
The highest rate was ZWL$5 775.0000, the same as last week,  while the lowest bid rate was 5 722.0000, up from ZWL$5 700.0000 that was offered last week.
The highest amount allotted for the Retail Auction was for machinery and equipment (US$610 987.82) followed by raw materials (US$582 700.58).
</div>
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<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F-VNRekWAAA0LKW?format=jpg&amp;name=4096x4096"/>

Zimbabwe Dollar Official Rate Moves To $5 738 Per US$1

The official foreign currency exchange rate moved to ZWL$5 718.4090 per US$1.00, on Tuesday, 31 October.
On 24 October, the weighted average was ZWL$5 693.7825 according to the Foreign Exchange Auction Results announced by the Reserve Bank of Zimbabwe.
The total amount on offer yesterday was US$20 000 000.00 but US$17 798 011.00 was allotted.
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19 bids totalling US$17 798 011.00 were received and all the bids received allotments.
The highest rate was ZWL$5 775.0000 while the lowest bid rate was ZWL$5,700.0000.
The highest amount allotted for the Reail Auction was for raw materials followed by machinery and equipment.
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<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F9w8fVeWwAARgRi?format=jpg&amp;name=4096x4096"/>

Zimbabwe Dollar Official Rate Now $5 718 Per US$1

The Zimbabwe Dollar has shed more value against the United States Dollar on the official forex market conducted this Tuesday, 10 October 2023.
At today’s Reserve Bank of Zimbabwe (RBZ) wholesale foreign currency auction, the Zimbabwe dollar averaged $5 633.8332, down from $5 252.6558 per US Dollar last week.
The total amount on offer today was US$20 000 000.00 but US$18 106 845.96 was allotted.
17 bids totalling US$18 106 845.96 were received and all the bids received allotments.
The highest rate was ZWL$5 780.0000 while the lowest bid rate was ZWL$5 595.0000.
Last week, the RBZ launched Gold-Backed Digital Tokens also known as ZiG (Zimbabwe Gold) as a means of payment.
The central bank said ZiG will become one of the means of payment for domestic transactions, in addition to its use as a store of value.
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Zimbabwe Dollar Official Rate Moves To $5 633 Per US$1

The Zimbabwe Dollar has depreciated significantly against the United States Dollar on the official forex market.
At the wholesale foreign currency auction conducted this Tuesday, 03 October, the Zimbabwe dollar averaged $5 591.9615, down from $5 252.6558 per US Dollar last week.
The Reserve Bank of Zimbabwe (RBZ) said 20 bids were received and all the bids were accepted and received allotments.
As usual, the total amount on offer was US$20 000 000.00. However, the total value of bids received was US$18 682 426.00 and a similar amount was allotted.
The highest rate was ZWL$5 700.0000 while the lowest bid rate was ZWL$5 562.0000.
As the value of the Zimbabwe dollar continues to plummet, informal traders and public transport operators are rejecting the ZWL$50 note as they are now finding it burdensome to move around with huge bundles of “worthless” banknotes.
Economists say authorities should introduce higher denominations but there are fears that higher denomination notes will inadvertently increase the money supply.
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Zimbabwe Dollar Now At $5 591 Per US Dollar

The Zimbabwe Dollar has continued to lose value against the United States Dollar on the official forex market.
At this Tuesday’s Reserve Bank of Zimbabwe wholesale foreign currency auction, the Zim dollar averaged $5 252.6558, down from $5 015.4279 per US Dollar last week.
The total amount on offer today was US$20 000 000.00 but US$18 693 948.80 was allotted.
20 bids totalling US$18 893 948.80 were received and only one bid was disqualified, with the other 19 bids receiving allotments.
The highest rate was ZWL$5 305.0000 while the lowest bid rate was ZWL$4 200.0000.
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Zimbabwe Dollar Official Rate Moves To $5 252 Per US$1

The Zimbabwe Dollar depreciated against the United States Dollar on the Reserve Bank of Zimbabwe wholesale foreign currency auction on Tuesday, 29 August.
After today’s wholesale auction, the Zimbabwe dollar averaged $4 604.62 against the US dollar.
On 21 August, the average interbank rate was $4 571.29, while on 18 August, it was $4 573.77.
Today, 18 bids were received, and all 18 bids were accepted and received allotments.
The total value of bids accepted was US$19,610,040.40 and a similar amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,650.0000 while the lowest bid rate was ZWL$4,570.0000.
The Retail Auction was allotted US$545 877.82, with the bulk of the allotment, US$220 379.23, going to services (loans, education, dividends, disinvestments, etc.).
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Zimbabwe Dollar Official Rate Moves To $4 604 Per US Dollar

Finance Minister Mthuli Ncube has emphasised the need for immediate policy actions to mitigate the substantial risk associated with the instability of exchange rates. 
In his 2024 Budget Strategy paper released last week, Ncube highlighted the impact of such volatility on revenue collection, expenditures, debt service, and budgetary pressure caused by inflation resulting from exchange rate depreciation. Ncube said:
<blockquote>
Exchange rate volatility has been a major source of risk in the recent past, affecting revenue collection, expenditures and debt service, particularly for those items denominated in foreign currency.
To the extent that exchange rate depreciation feeds into domestic inflation, thus generates pressure on prices on the budget. In the absence of policy interventions, a 1% depreciation of the Zimbabwe dollar against the US dollar widens the fiscal deficit by about 0,1% of GDP (gross domestic product).
Government will continue to strengthen the value for money audits measures and plug loopholes in the existing procurement systems to ensure that MDAs (ministries, departments and agencies) are not overcharged in respect of payments for goods and services as well as regulate the market, having observed that some of the suppliers or contractors were manipulating the foreign exchange market.
</blockquote>
According to the World Bank, Zimbabwe’s economy was valued at US$20.68 billion at the end of 2022, indicating that a 1% exchange rate depreciation could lead to a fiscal deficit widening of approximately US$20.68 million.
Ncube further explained that the government had implemented various measures to address the risk, including weekly wholesale foreign currency sales to commercial banks. He stated that the medium-term expenditure framework aimed to limit spending to available resources and maintain the fiscal deficit below 3% of GDP.
The Treasury set a budget deficit target of ZW$2.3 trillion (US$504.85 million), equivalent to 1.5% of GDP, for 2024. Ncube highlighted the challenge of a rising wage bill and commitments to foreign currency-denominated expenditures, which crowded out funding for social sectors and infrastructure development. Wages, procurement, social needs, infrastructure spending, and climate shocks were identified as major government expenses that could increase further if the local currency depreciated.
Ncube pledged to implement value-for-money programs, increase transparency in the wage bill, adhere to the approved budget, and penalise overspending. The recent fiscal and monetary measures aimed to stabilise the foreign exchange market and align formal and informal exchange rates by addressing excess liquidity and promoting local currency usage.
Ncube mentioned the increase in money supply as a cause of local currency depreciation and emphasized the importance of tax administration initiatives to enhance compliance and revenue collection. The government also planned to review concessions and contracts and adjust fees and charges to improve revenue collection.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Finance Minister Urges Immediate Policy Actions To Reduce Risk Of Exchange Rate Instability

The Zimbabwe Dollar marginally depreciated against the United States Dollar on the Reserve Bank of Zimbabwe wholesale foreign currency auction on Wednesday, 16 August.
After Wednesday’s wholesale auction, the Zimbabwe dollar lost ZWL$17.76 to average ZWL$4 577.50 from ZWL$4 559.74 per US Dollar last week.
Yesterday, 13 bids were received, and all 13 bids were accepted and received allotments.
The total value of bids accepted was US$18,854,776.00 and a similar amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,600.0000 while the lowest bid rate was ZWL$4,559.0000.
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Zimbabwe Dollar Official Rate Now $4 577 Per US$1

President Emmerson Mnangagwa has hinted the Reserve Bank of Zimbabwe (RBZ) – controlled foreign exchange auction floor system could be done away with, saying it has served its purpose.
Mnangagwa told Brick by Brick magazine that the forex auction system was adopted to deal with a particular challenge that he said has almost been resolved. He said, as quoted by <a href="https://businesstimes.co.zw/govt-to-abandon-forex-auction-system/">Business Times</a>:
<blockquote>
As we go forward, we should reach a stage where we may not need it (Dutch forex auction system) because it’s not necessary.
It has been put there to deal with a particular challenge and I think that challenge is going away. We may reach a stage very soon where we may not need it.
</blockquote>
This comes after industry put pressure on the central bank governor, John Mangudya, to consider scrapping the “inefficient” foreign currency auction system or overhauling it.
Companies have been struggling to access foreign currency allotted to them through the foreign currency auction system, and going for several months before getting the allotted funds.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mnangagwa Hints At Scrapping RBZ's Forex Auction System

The local unit today gained $32.0677 against the United States dollar to average $4 505.4232 at the Reserve Bank of Zimbabwe wholesale foreign currency auction.
This Tuesday, 25 July 2023, 16 bids were received, and all 16 bids were accepted. However, only 6 bids were allotted.
The total value of bids accepted was US$14,471.600.00 and US$7,900,600.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,580.0000 while the lowest bid rate was ZWL$4,480.0000.
Below are the rates from the last six auctions:
<ul>
<li>25 July: $4 505.4232</li>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
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Zimbabwe Dollar Official Rate Now $4 505 Per US$1

The Zimbabwe dollar continued firming against the United States Dollar following the latest Reserve Bank of Zimbabwe wholesale foreign currency auction held on Thursday, 20 July.
The Zim dollar is now trading at ZWL$4 537.4909 from ZWL$4 771.3854 per US$1.
This Thursday, 13 bids were received, and all 13 bids were accepted. However, 11 bids were allotted.
The total value of bids accepted was US$6,383,500.00 and US$5,705,700 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4.711.7431 while the lowest bid rate was ZWL$4,537.4909.
Below are the rates from the last five auctions:
<ul>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
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Zimbabwe Dollar Official Rate Now $4 537 Per US$1

The Zimbabwe dollar on Tuesday, 18 July firmed against the US dollar on the Reserve Bank of Zimbabwe (RBZ) forex auction to ZWL$4,771.3854 from ZWL$4883.8208 per US$1.
On Friday, 14 July, the weighted average rate was ZWL$4883.8208, on 11 July, it was ZWL$4 998.8352, and on 06 July, the rate was ZWL$5 251.0640.
Today, 15 bids were received, and all 15 bids were accepted and all the bids were allotted.
The RBZ said that the total value of bids accepted was US$11,597,990.00 and the same amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4.900.1547 while the lowest bid rate was ZWL$4 400.0000.
The central bank also said all bids within the pre-announced amount were allotted in full.
It added that all bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
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Zimbabwe Dollar Official Rate Firms To ZWL$4 771 Per US$1

The Zimbabwe dollar has firmed again on the Wholesale Foreign Exchange Auction conducted on Friday, 14 July to ZWL$4883.8208 per US$1.
On Tuesday, 11 July, the weighted average was ZWL$4 998.8352, which was itself a significant recovery from the ZWL$5 251.0640 on 06 July 2023.
Today, 10 bids were received from banks, and all 10 bids were accepted but only 8 bids were allotted.
The RBZ said that the total value of bids accepted was US$5,295,000.00, while US$4,845,000.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate received was ZWL$5,037.3700 while the lowest bid rate received was ZWL$4,700.0000.
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Zimbabwe Dollar Official Rate Now ZWL$4 883 Per US$1

The Zimbabwe dollar on Tuesday, 11 July further strengthened against the US dollar on the Reserve Bank of Zimbabwe forex auction.
According to the Wholesale Foreign Exchange Auction Results today, the weighted average was ZWL$4 998.8352.
This is a significant recovery from last week as the weighted average was ZWL$5 251.0640 at the Wholesale Foreign Exchange Auction Results of 06 June 2023.
Today, 10 bids were received from banks, and all 10 bids were accepted but only 8 bids were allotted.
The RBZ said that the total value of bids accepted was US$5 830 000.00, while US$5 640 000.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$5 353.7221 while the lowest bid rate was ZWL$4 900.0000.
Meanwhile, the RBZ awarded US$460,130.60 to the retail auction.
The central bank also said all bids for the retail auction within the pre-announced amount were allotted in full.
It added that all bids for the retail auction with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
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Zimbabwe Dollar Official Rate Now $4 998 To The US Dollar

The Reserve Bank of Zimbabwe’s (RBZ) official exchange rate has moved to almost ZWL$7 000 to the US dollar.
The Weighted Average Rate from the forex auction conducted on Tuesday, 20 June 2023, was ZWL$6 926.5764.
On 13 June 2023, the wholesale weighted average was US$1: ZWL$5 978.6794.
Today, the RBZ said 73 bids were received on the regular forex auction, and all the bids were accepted but only 50 bids were allotted. The total amount allotted was US$1,135,542.46.
On the wholesale auction, 12 bids were received and all the bids were accepted and all received allotments. The RBZ said the total amount allotted wasUS$10,614,000.00
The RBZ said that all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient balances were also disqualified.
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Zimbabwe Dollar Official Rate - 20 June 2023

The Reserve Bank of Zimbabwe (RBZ) has set the official exchange rate at almost ZWL$6 000 to the US dollar.
According to the results of the foreign exchange auction conducted on Tuesday, 13 June 2023, the wholesale weighted average was US$1: ZWL$5 978.6794.
On 06 June 2023, the weighted average was US$1: ZWL$3 673.7718, from US$1: ZWL$2 577.0564 on 30 May.
Today, the RBZ allotted a total of US$2,945,406.28, down from US$4,987,432.34 allotted last week, with the bulk of the allotment going to raw materials, followed by machinery and equipment.
The RBZ said that all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient balances were also disqualified.
The RBZ added that starting the week beginning 19 June 2023, authorised dealers will submit bids for the two auctions, that is, the forex auction and the wholesale forex auction by 9 AM on Tuesdays.<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/Fyg5E20WIAQl9PI?format=jpg&amp;name=4096x4096"/>
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Zimbabwe Dollar Official Rate Now $6 000 To The US Dollar

The International Monetary Fund (IMF) has urged Zimbabwe to fully liberalise the foreign-exchange market to allow the rate to be determined by market forces.
According to a <a href="https://www.bnnbloomberg.ca/imf-wants-zimbabwe-to-take-further-steps-on-currency-reforms-1.1931949">Bloomberg</a> report, the IMF said the credibility and effectiveness of Zimbabwe’s currency reforms will depend on the “swift resolve” to liberalise the foreign exchange market.
Last week, the Reserve Bank of Zimbabwe (RBZ) loosened its grip on the foreign-exchange market but stopped short of free-floating the Zimbabwe dollar.
The central bank announced it will pursue a “market-determined” exchange rate instead of relying on a weekly auction, in a bid to tame price and exchange rate volatility.
The RBZ however said it will maintain “parameters” which include setting the floor price for dollar sales and the sale of foreign currency to banks for onward sale to their clients, in order to establish an interbank market.
In an emailed response to questions from Bloomberg, an IMF spokesperson said the recent measure by authorities aimed at establishing an interbank market is welcome, adding:
<blockquote>
However, the parallel rate continues to depreciate… A convergence of the official and unofficial exchange rates is possible if the authorities accelerate the liberalization of the foreign exchange market, address the Reserve Bank of Zimbabwe’s quasi-fiscal operations to mitigate liquidity pressures and maintain an appropriately tight monetary policy stance to durably restore macroeconomic stability and ensure social stability.
</blockquote>
A Zimbabwe dollar trades on the interbank market for 5 487 per US dollar, while the street rates on Monday ranged between 6 200 to 6 700 Zimbabwe dollars per greenback according to ZimPriceCheck.com.
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IMF Wants Zimbabwe To Fully Liberalise Foreign Exchange Market

Economist Professor Gift Mugano says the measures announced by the Reserve Bank of Zimbabwe (RBZ) on 06 June to address the recent volatility in the exchange rate and prices of goods and services in the economy are commendable but came too late.
In a statement issued on Tuesday, RBZ Governor John Mangudya said with effect from 7 June 2023, the RBZ “shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall, in turn, sell the foreign currency to their customers.”
Following the announcement, the Zimbabwean Dollar further lost its value against the US Dollar, from ZWL$3 673 on Tuesday to ZWL$4 868 on Wednesday.
Mugano said the new measures should have been introduced in February 2019 when the interbank was introduced. He said:
<blockquote>
We are now implementing the right policies too late. We should have done this on 20 February 2019 when the interbank was introduced. This is too late!
At this rate, wages, pensions, the national budget and capital will be wiped out. Prices will hit the roof. It’s getting worse!
Without any doubt, Treasury has to: urgently revisit the national budget, make an urgent upward review of salaries and pensions, and review the budget for contractors
As these reviews will be done, more liquidity will be poured into the market – adding paraffin on [the fire].
</blockquote>
On Wednesday, 07 June 2023, the RBZ conducted the first Wholesale Foreign Exchange Auction.
19 bids were received from banks, with a total of US$11 180 000 allotted to 10 bids.
The highest bid rate received was 5,020.0000 while the lowest bid rate allowed was 4,500.0000.
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Market-determined Exchange Rate Came Too Late - Prof Mugano

The Zimbabwean Dollar has further lost its value this Wednesday, 07 June 2023, from ZWL$3 673.7718 to ZWL$4 868.5152 within 24 hours against the US Dollar at the Wholesale Foreign Exchange Auction announced by the Reserve Bank of Zimbabwe (RBZ).
On Tuesday, the Zimbabwe dollar fell by over $1 000 to average $3 673.7718 against the United States (US) dollar on the foreign currency auction held by the RBZ, down from US$1: ZWL$2 577.0564 on 30 May.
Below are the RBZ Wholesale Foreign Exchange Auction Results for 07 June 2023:
<blockquote>
Wholesale Foreign Exchange Auction Results – 7 June 2023
Number of Bids Received From Banks: 19
Number of Bids Disqualified: 0
Total Number of Bids Accepted: 19
Total Number of Bids Allotted: 10
Total Value of Bids Accepted Amount: USD12,993,000.00
Allotted: USD11,180,000.00
Highest Bid Rate Received: 5,020.0000 
Lowest Bid Rate Allotted : 4,500.0000
Weighted Average Rate: 4,868.5152
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</blockquote>

Zimbabwe Dollar Official Exchange Rate Now $4 868

The street forex rate has moved to US$1: ZWL$7 000 according to academic <a href="https://wiki.pindula.co.zw/Pedzisai_Ruhanya">Pedzisai Ruhanya</a>, as the local currency continues depreciating at an alarming rate on both the official and unofficial markets.
Posting on the Twitter platform this Wednesday, Ruhanya said the movement of the rate shows that ZANU PF’s economic policies have dismally failed. <a href="https://twitter.com/PedzisaiRuhanya/status/1666298242995216385">He wrote</a>:
<blockquote>
1USD: ZWL$7000 exchange rate clearly shows ZANU PF economic FAILURE. FAILED ECONOMIC POLICY ON DISPLAY.
They can’t rig the economy. Even their new shadowy securocratic hybrid electoral manipulator FAZ cant manipulate the economy.
</blockquote>
On Tuesday, former Finance Minister <a href="https://wiki.pindula.co.zw/Tendai_Biti">Tendai Biti</a> said shops were using the US$1 to ZWL$7000. <a href="https://twitter.com/BitiTendai/status/1666113606813990912">He said</a>:
<blockquote>
This evening some shops are now using a rate of 1US$ to ZWL$7000. Zimbabwe is now at that precipe where the exchange rate is now in the self-fulfilling free fall zone that we saw in 2008.
Sadly they don’t panic &amp; they don’t care. This election is now about saving Zimbabwe, saving livelihoods.
</blockquote>
On the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> auction conducted on Tuesday, the Zimbabwe dollar fell by just over $1 000 to average $3 673.7718 against the US dollar.
The RBZ allotted a total of US$4,987,432.34 down from US$15,266,095.92 allotted last week.
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Shops Now Using US$1 To ZWL$7 000 Street Rate - Biti

The Monetary Policy Committee (MPC) has announced measures to deal with exchange rate and price volatility in the economy. Below is the statement in full:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 6 JUNE 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 6 June 2023 and deliberated on macroeconomic and financial developments in the economy.
The MPC also deliberated on the progress made in the implementation of measures announced by the Honourable Minister of Finance and Economic Development on 11 May 2023 and 29 May 2023, respectively, to address the recent volatility in the exchange rate and prices of goods and services in the economy.
The MPC noted that the prevailing volatility in the exchange rate emanated from both supply and demand side factors.
The supply side factors reflected the transitory reduction in foreign currency inflows, while the demand factors reflected the sustained value-preservation demand for foreign currency in the economy.
In order to complement the measures announced by Government, the MPC resolved as follows:
Supply Side Measures
The following measures shall be implemented to address supply side foreign currency constraints:
i. With effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. This measure is calculated to ensure that the interbank forex market is the primary source for foreign exchange needs in the economy and that the foreign exchange auction system shall continue to operate for meeting smaller requirements for foreign payments and for continuous price discovery. Thus, in order to ensure that the interbank forex market is self-financing the 90-day liquidation requirement on export proceeds will fall away.
ii. The current interbank maximum trading limits shall be reviewed upwards from US$100 000 to US$500 000, consistent with the current auction limits;
iii. The main and MSME auction will be merged under the US$5 million per week policy, with bid limits of a minimum of US$1 500 and a maximum of US$50 000; and
iv. The trading margins charged by banks on foreign exchange transactions will be aligned with international best practices.
Demand Side Measures
To address the demand side factors, the MPC resolved to adopt the following measures:
i. Increasing the Bank policy rate from 140% to 150% per annum, in response to the recent increase in inflation;
ii. Increasing the Medium-term Bank Accommodation (MBA) interest rate from 70% to 75% per annum; and
iii. Increasing the Statutory Reserve Requirements on local currency demand and call deposits from 10% to 15%, while maintaining savings and time deposit requirements at 5%.
The Bank remains committed to continuing with the current tight monetary policy to restore and sustain the exchange rate and inflation stability.
The issuance of gold- backed digital tokens to augment physical gold coins as a value preservation instrument has gone a long way in mopping up excess liquidity from the market.
To date, the Bank has sold to the market ZW$31.8 billion and ZW$35.2 billion worth of gold coins and gold-backed digital tokens, respectively.
The rolling out of digital tokens for transactional purposes in the second phase, which is projected to commence during the month of June 2023, will buttress the current stabilisation measures.
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</blockquote>

FULL TEXT: Monetary Policy Committee Announces Measures To Tackle Exchange Rate Volatility

The Zimbabwe dollar on Tuesday fell by just over $1 000 to average $3 673.7718 against the United States (US) dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ).</a>
On 06 June 2023, the weighted average was US$1: ZWL$3 673.7718, from US$1: ZWL$2 577.0564 on 30 May.
Today, the RBZ allotted a total of US$4,987,432.34 down from US$15,266,095.92 allotted last week, with the bulk of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$829,418.77 down from US$1,782,414.85.
The Main Forex Auction was allotted US$4,158,013.57 down from US$13,483,681.07. 
A total of 298 bids from small businesses and 210 for large firms were accepted.
However, only 82 bids from small businesses and 38 from large firms received allocations from the auction.
The Highest Rate Received on the Small to Medium Enterprises Forex Auction was 4,100.0000 while the Lowest Bid Rate Allotted was 3,500.0000.
On the Main Forex Auction, the Highest Rate Received was 4,100.0000 while the Lowest Bid Rate Allotted was 3,555.0000.
The RBZ said all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient balances were also disqualified.
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Zimbabwe Dollar Official Rate Now $3 673 To The US Dollar

The Zimbabwe dollar on Tuesday fell by nearly $700 to average $2 577.0564 against the United States (US) dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ).</a>
On 30 May 2023, the weighted average was US$1: ZWL$2,577.0564, from US$1: ZWL$1,888.0119 on 23 May.
The depreciation of the Zimbabwe dollar at the last two auctions shows that the central bank is gradually allowing the local currency to float.
Yesterday, the RBZ allotted a total of US$15,266,095.92 up from US$14,166,812.38, with the majority of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,782,414.85 up from US$957,712.91.
The Main Forex Auction was allotted US$13,483,681.07 up from US$13,209,099.47.
A total of 503 bids from small businesses and 344 for large firms were accepted.
However, only 174 bids from small businesses and 129 from large firms received allocations from the auction.
The auction will be disbursing less than US$5 million from next week.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Bids were allotted on a pure Dutch Auction system basis, in line with the Minister of Finance and Economic Development’s statement on refining the Auction System.
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Zimbabwe Dollar Official Rate Now $2 577.06 To The US Dollar

Captains of the industry say authorities should overhaul the foreign currency auction system to eradicate arbitrage opportunities that some firms and individuals are using to accumulate cheap US dollars.
This comes after Finance and Economic Development Minister Mthuli Ncube said the foreign currency auction platform will be fine-tuned to close the gap between the official exchange rate and the parallel market exchange rate.
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told <a href="https://businesstimes.co.zw/business-wants-overhaul-of-forex-auction-system/">Business Times</a> that the forex auction system should be overhauled to represent the true Dutch system, which promotes competition among bidders. Said Matsheza:
<blockquote>
There is a need to do a total fine-tuning of the forex auction system to represent the true characteristics of a Dutch auction system.
As we can see, the authorities have done some piecemeal adjustments to the platform but it is still a long way to go to become the real auction platform.
By doing these small changes, we still have a lot of arbitrage opportunities that some firms and individuals are capitalising on to make money.
An improved auction system is a better platform than an interbank where some people just sit down to decide the exchange rate.
This may be the reason why the official rate is 50% lower than the official rate.
</blockquote>
Zimbabwe now has three forex markets namely the auction, interbank and parallel market.
Economist Gift Mugano recently said the forex markets can only converge if authorities follow the real Dutch auction system. Said Mugano:
<blockquote>
They will only converge if they follow the real Dutch auction system where you take the highest bidder price as the benchmark for the auction rather than taking the average price as done by the RBZ.
They must notify people in advance because one can’t bid in the darkness and only if they follow the rules of the real Dutch auction system will they someday converge.
You will see all the exchange rates moving in different directions. The parallel market rate will be ahead followed by other exchange rates.
The major reason the interbank can’t converge also is that there are some controls that are still there.
There are some limits to how much one can trade whereas there is no limit on the parallel market rate
</blockquote>
The Zimbabwe dollar was this week trading at ZWL$1888.80:US$1 at the auction system and above ZWL$3000: US$1 on the black market.
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Industry Wants Fine-tuning Of Forex Auction System

Brokerage firms and economists have predicted that the Zimbabwe dollar will officially close the year trading at between $2 000 and $3 200 against the US dollar.
However, monetary authorities are of the view that the local currency is likely to close the year trading at around $1 500.
The auction market was introduced in June 2020 with the Zimbabwe dollar trading at $22.50 per US dollar.
As of 31 January 2023, the Zimbabwe dollar was trading at $801.60 against the US dollar.
In its outlook for 2023, IH Securities suggested that upcoming elections and treasury activities will cause slight disturbances to the currency. It said:
<blockquote>
The interbank rate depreciated at an average weekly rate of 3 percent during the year 2022.
Applying the same rate of depreciation in 2023, the interbank rate will close the year at $3 177 from $690 recorded at the beginning of the year.
From our view, this will be the best-case scenario considering the downside risk of elections.
</blockquote>
Akribos Capital, an investment firm also forecasted a depreciation of the local currency due to elections this year as well as the slowdown in economic growth in leading global economies like China, the US, and the Eurozone. Akribos said:
<blockquote>
… we expect the exchange rate to close Q1,2,3 between the lower and upper bound of $1 500 — 1 800 against the US dollar while inflation hovers above 250 percent.
</blockquote>
However, Monetary Policy Committee (MPC) member, Persistence Gwanyanya, believes the Zimbabwe dollar will be trading at around $1 000 or $1 500 to the US dollar by the end of the year. He told <a href="https://www.businessweekly.co.zw/zwl-to-depreciate-moderately-this-year/">Business Weekly</a>:
<blockquote>
We have not yet felt any political pressure due to the pending elections so the currency should close at around $1 000 to the dollar, but if we experience a shock either from elections or somewhere else, we should see it at around $1 500 per US dollar.
</blockquote>

Zimbabwe Dollar To Officially Close 2023 Trading At $3 200 Against USD - Analysts

The Reserve Bank of Zimbabwe (RBZ) forex auction weighted average rate moved to US$1: ZWL$779.3101 on 24 January 2023, from the US$1: ZWL$732.0036 that was set on 17 January.
The central bank said a total of US$13,863,114.02 was allotted today, down from US$14,471,109.58, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was  US$1,515,043.86.
The total amount allotted on the Main Forex Auction (MAIN FX125/2023) was US$12,348,070.16.
<blockquote>
♦ Weighted Average Rate 779.310
</blockquote>
<h2>How the money was allocated:</h2>
Raw Materials………………………………………………………………..US$7,387,486.93
Machinery and Equipment………………………………………………US$1,500,218.74
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$823,964.98
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,659,147.96
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$1,309,042.98
Pharmaceuticals and Chemicals …………………………………………US$552,832.63
Paper and Packaging …………………………………………………………US$630419.8
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,515,043.86
TOTAL Amount allotted for the MAIN FM117/2022 …… US$12,348,070.16
GRAND TOTAL AWARDED ………………………………… US$13,863,114.02
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 24 January 2023

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