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Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu said that the rise in prices at formal retail shops is expected to moderate in response to the recent monetary policy measures aimed at halting the depreciation of the local currency, ZiG.
Speaking to <a href="https://www.sundaymail.co.zw/prices-cool-as-rbz-policies-kick-in">The Sunday Mail</a>, Mushayavanhu claimed that the foreign exchange market has largely stabilised over the past two weeks, with the parallel market exchange rate showing signs of improvement following the bank’s intervention.
The RBZ recently devalued the official exchange rate to ZiG24: USUS$1, down from approximately ZiG14:US$1, in response to the depreciation of the ZiG on the parallel market. Said Mushayavanhu:
<blockquote>
In line with the stability observed in the exchange rate, the increase in the prices of goods has significantly moderated.
It seems most retailers had priced using higher exchange rates, expecting the currency to continue depreciating on the parallel market.
As such, the Reserve Bank expects prices of most goods to also decline in the forthcoming weeks as the exchange rate remains stable.
</blockquote>
The central bank injected US$110 million into the market between July and September to alleviate foreign currency backlogs. Said the central bank Governor:
<blockquote>
In addition to the previous interventions announced before, the Reserve Bank injected an additional US$50 million soon after the recent monetary policy measures.
In terms of supply of foreign currency from other generators of foreign currency, the Reserve Bank expects improvements in the near term.
It should be noted that, unlike prices, the supply of goods and services, including foreign currency, responds with a lag.
</blockquote>
Mushayavanhu expects prices to start declining in the coming weeks as the exchange rate remains stable. 
He said that many retailers had initially set prices based on higher exchange rates, anticipating further depreciation.
Although the prices of regulated goods like electricity tariffs have increased, the RBZ anticipates that the parallel market rate will appreciate soon due to strong foreign currency inflows, which rose by 13.4% in the first eight months of 2024 compared to the previous year.
Mushayavanhu said the Financial Intelligence Unit (FIU) is monitoring and penalising businesses that refuse to transact in ZiG or those using parallel market exchange rates.
He added that compliance levels in the formal sector have significantly improved, but efforts continue to improve compliance within the informal sector.
Meanwhile, since the recent induced devaluation of the ZiG from 14.1 to 24.3 per US$1 by the central bank, the currency has continued to lose value in the formal market, trading at an average rate of 25.8 on Tuesday, October 8.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The RBZ Governor expects prices to stop rising soon because the ZiG currency is stabilizing. Prices had gone up because retailers thought the currency would keep losing value. The RBZ put in money to help and now expects prices to go down. The central bank is also monitoring businesses that don't follow the rules. Even though some prices (like electricity) have gone up, the RBZ thinks the currency will get stronger soon. The government is working to make sure everyone follows the rules.

RBZ Expects Price Increases To Slow As ZiG Stabilises

Zimbabwe’s gold-backed currency, the ZiG, which was devalued by 43% by the Reserve Bank of Zimbabwe (RBZ) on Friday, September 27, continued to decline against the United States dollar on Monday.
According to data on the central bank’s website, the ZiG was quoted at 24.88 per dollar, up from 24.39 on Friday.
On Friday, September 27, the RBZ set the official exchange rate at ZiG24.3 per US$1, a significant increase from ZiG14.1 per US$1.
Lyle Begbie, an economist at Oxford Economics, said that while recent adjustments are positive, they are unlikely to be sufficient.
He added that ongoing current account and fiscal deficits, coupled with limited access to external capital markets, will continue to exert significant pressure on the ZiG currency.
RBZ Governor, John Mushayavanhu, in an interview with the state-controlled Sunday Mail newspaper, said that the devaluation was necessitated by an artificial spike in demand for foreign currency, combined with inflationary pressures. He said:
<blockquote>
The underlying value of the structured currency (ZiG) is designed to mimic the movement in the prices of reserve assets backing it and the inflation differentials.
In this regard, as communicated in the April 2024 Monetary Policy Statement, the intervening exchange rate shall be determined by the inflation differential between ZiG and USD inflation rates and the movement in the price of the basket of precious minerals held as reserves.
In this regard, while the gold price has been firming, suggesting appreciation of the gold price-implied exchange rate, the country has witnessed increased inflationary pressures as evidenced by month-on-month inflation of 1,4 per cent in August 2024 and 5,8 per cent in September 2024, thus offsetting the firming gold price.
This has, therefore, underscored the need for a price discovery mechanism to align the exchange rate with the macroeconomic dynamics underpinning the structured currency.
The movement in the exchange rate is expected to play a critical shock-absorbing impact on the prevailing excess liquidity in the economy, which helps anchor inflation expectations and minimise the inflation differentials going forward.
</blockquote>
The ZiG, which is supported by Zimbabwe’s gold and hard-currency reserves, was introduced in early April to replace the Zimbabwean dollar, which had plummeted by approximately 80% in value since the beginning of the year.
According to Mushayavanhu, the current reserves for the ZiG amount to US$380 million.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's ZiG money lost value after the bank changed its value. The change happened because the ZiG wasn't worth as much as before. The ZiG lost more value against the U.S. dollar after the change. The bank explained that the ZiG's value depends on gold and other precious things they have. The ZiG replaced the old Zimbabwean dollar because it was losing value too fast. The bank hopes the ZiG will balance out the economy and keep prices stable.

ZiG Continues To Decline After Major Devaluation

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has attributed the recent sharp depreciation of the newly introduced currency, the Zimbabwe Gold (ZiG), to a limited number of foreign currency sellers operating under the current willing-buyer, willing-seller system.
In an interview with <a href="https://www.sundaymail.co.zw/prices-stability-to-be-sustained-rbz">The Sunday Mail</a> on Saturday, Mushayavanhu explained that the adjustment of the official exchange rate on Friday was a response to temporary pressures that do not reflect the country’s economic fundamentals.
He said an artificial spike in demand for foreign currency, combined with inflationary pressures, necessitated this adjustment.
On Friday, September 27, the RBZ set the new official exchange rate at ZiG24.3 per US$1, a significant increase from the previous range of approximately ZiG14.1 per US$1. Said Mushayavanhu:
<blockquote>
The current interbank foreign exchange market under the willing-buyer, willing-seller trading arrangement has always allowed market forces to determine the exchange rate, while the backing of the ZiG using gold and other reserve assets is critical for ensuring limited exchange rate volatility caused by transitory demand-supply shocks.
However, the challenge with the multi-currency system is that there are limited sellers of foreign currency, making it a buyers’ market, as generators of foreign currency, have an option to settle domestic transactions in foreign currency, hence less incentives for them to convert.
Under the current exchange rate arrangement, the Reserve Bank can intervene in the market in the event of transitory exchange rate pressures not linked to economic fundamentals.
The bank, however, allows the exchange rate to adjust in line with the obtaining market conditions. This is the stance the Reserve Bank has taken today.
As such, the exchange rate has always been market-determined. This position was clearly stated in the April 2024 Monetary Policy Statement.
</blockquote>
Mushayavanhu said the value of ZiG is designed to reflect movements in reserve assets, such as gold, and the inflation differential between ZiG and the US dollar. He said:
<blockquote>
The underlying value of the structured currency (ZiG) is designed to mimic the movement in the prices of reserve assets backing it and the inflation differentials.
In this regard, as communicated in the April 2024 Monetary Policy Statement, the intervening exchange rate shall be determined by the inflation differential between ZiG and USD inflation rates and the movement in the price of the basket of precious minerals held as reserves.
In this regard, while the gold price has been firming, suggesting appreciation of the gold price-implied exchange rate, the country has witnessed increased inflationary pressures as evidenced by month-on-month inflation of 1,4 per cent in August 2024 and 5,8 per cent in September 2024, thus offsetting the firming gold price.
This has, therefore, underscored the need for a price discovery mechanism to align the exchange rate with the macroeconomic dynamics underpinning the structured currency.
The movement in the exchange rate is expected to play a critical shock-absorbing impact on the prevailing excess liquidity in the economy, which helps anchor inflation expectations and minimise the inflation differentials going forward.
</blockquote>
Mushayavanhu added that the recent US$110 million injection by the central bank has been crucial in sustaining economic activity.
He said these foreign currency injections helped address the backlog of demand at banks, ensuring essential imports could be financed despite limited currency availability.
This intervention has contributed to maintaining a steady supply of goods during a drought exacerbated by El Niño weather conditions, according to Mushayavanhu.
The ZiG is backed by the value of precious minerals, especially gold, as well as the foreign currency reserves maintained by the RBZ.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The governor of the Reserve Bank of Zimbabwe, John Mushayavanhu, said that the new currency, Zimbabwe Gold (ZiG), lost value because there are not enough people selling foreign currency. This caused inflation and high demand for foreign money. The bank raised the official exchange rate to make up for this. The value of ZiG depends on gold prices and inflation. The bank put more money into the economy to help with imports and economic activity. ZiG is supported by gold and foreign reserves.

Rising Inflation And Forex Demand Surge Forced ZiG Rate Adjustment, Says Mushayavanhu

Economic commentator Gift Mugano has warned the Reserve Bank of Zimbabwe (RBZ) against floating the exchange rate without adequate foreign currency reserves.
Mugano said the move by Zimbabwe’s central bank on Friday, 27 September, to liberalise the ZiG currency is “suicidal” adding that the RBZ “just put nail on the ZiG coffin.” He said:
<blockquote>
In our instance, I think we are now at a deeper end. We are in the middle of the storm, that we have adopted a local currency, we do not have enough reserves and we are supposed to liberalise.
So, it’s like committing suicide and again if you don’t liberalise you are still committing suicide again. We need to go back to the drawing board and say how do we address this.
</blockquote>
Instead of liberalising the exchange rate, Mugano suggested that the RBZ should scrap the ZiG, return to USD mono-currency, and introduce the ZiG when the time is ripe – when the right fundamentals are in place.
A Harare-based economist, who declined to be named for professional reasons, told <a href="https://www.businessweekly.co.zw/gold-backed-currency-fails-to-stem-zims-economic-challenges/">Business Weekly</a> that liberalisation and maintaining controls present significant risks, and “there is no easy solution.” Said the economist:
<blockquote>
The Reserve Bank of Zimbabwe is facing a daunting task. Liberalising the foreign exchange market could lead to hyperinflation while maintaining controls could exacerbate shortages and inefficiencies.
The Government must carefully consider the potential consequences of both options.
A poorly executed liberalisation could have disastrous consequences for the economy.
The best solution for Zimbabwe may lie in a gradual and carefully managed approach to liberalisation, combined with targeted measures to address the underlying causes of economic instability.
</blockquote>
On Friday, September 27, the central bank devalued the ZiG by over 40% against the US dollar, changing the exchange rate from 14.1 ZiG per dollar to 24.3 ZiG per dollar.
However, the RBZ has not clarified whether the currency will float freely or if it will continue to control the exchange rate after the devaluation.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Economic expert Mugano warns that Zimbabwe should not float the exchange rate without enough foreign money. He thinks doing this is like killing the ZiG currency. Mugano suggests Zimbabwe should go back to using USD only and bring back the ZiG later when everything is ready. Another economist says liberalizing or controlling the exchange rate both have risks. Zimbabwe needs to be careful and make smart decisions to avoid making things worse. The central bank devalued the ZiG by 40% on September 27, but it's not clear if they will let it float freely or control it.

Floating The ZiG A Dangerous Move, Warns Mugano

The Reserve Bank of Zimbabwe (RBZ), on Friday, September 27, devalued the gold-backed currency, the Zimbabwe Gold (ZiG), by 44% against the US dollar, bringing the exchange rate to 24.3 ZiG per US dollar.
Despite this devaluation, the local currency is trading at a higher rate in the parallel market, which is currently at least 28 ZiG to the dollar, according to market observers.
The new official exchange rate represents a significant increase from the previous rate of 14.1 ZiG per dollar, announced earlier that same day.
This devaluation is expected to impact Zimbabwe’s financial sector and could have broad implications for businesses and consumers.
For the average consumer, this change may lead to higher prices for goods and services priced in ZiG.
Civil servants, who receive part of their salaries in ZiG, may be particularly affected, as their purchasing power has been significantly diminished.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe lowered the exchange rate of ZiG currency against the US dollar by 44% to 24.3 ZiG per dollar. Despite this, the unofficial market rate is even higher at 28 ZiG per dollar. This change will affect businesses and consumers as prices may increase. Civil servants, who get part of their salaries in ZiG, will find their money doesn't go as far. This shift will have big impacts on Zimbabwe's economy.

RBZ Devalues ZiG To 24.3 From 14.1 Per 1 USD

The government has been urged to abandon its “command” exchange rate and permit the Zimbabwe Gold (ZiG) currency to float freely, as the gap between the interbank foreign exchange market rate and the street rate continues to widen.
Reports indicate that the U.S. dollar is currently trading between ZiG26 and ZiG40 on the parallel market, depending on the source. As of Wednesday, September 25, it was trading at ZiG13.9912 on the interbank market.
Economist Gift Mugano argued that the command exchange rate is ineffective and called on the Reserve Bank of Zimbabwe (RBZ) to allow market forces to dictate the currency’s value against others. Said Mugano:
<blockquote>
The central bank must liberalise the exchange rate, but I understand where the central bank is coming from. So ideally, before the ZiG was launched, it was supposed to build enough reserves.
So it is like we are now in the midst of a problem, of a storm, where the right things must be done, but there is not enough place, sufficient ground created for the liberalisation of exchange rate to work.
</blockquote>
Economist Vince Museve said that the value of the ZiG is not directly related to the price of gold; instead, it is influenced by market perception and overall confidence in the currency. He said:
<blockquote>
It is clear that the value of the ZiG has nothing to do with the price of gold. It has more to do with market value perception and confidence in the ZiG.
That market is mainly informal and is not influenced by RBZ policies or pronouncements, but rather by sentiment and the general expectations whether things are getting better both economically and politically.
</blockquote>
Early this week, the Retailers Association of Zimbabwe (RAZ) warned that large-scale retailers risked shutting down as they are forced to use the official rate. It said:
<blockquote>
Suppliers of goods and services to the formal retail sector are now maintaining two-tier price lists for local currency and another for foreign currency, whose implied rates are way higher than the obtaining official exchange rate based on the banking system’s willing buyer-willing seller platform.
Our suppliers have expressed concern that they are faced with an acute foreign currency shortage and excessive volatility of ZiG exchange rates on the parallel/alternative market, which has now become the basis of their pricing framework.
</blockquote>
Economist Prosper Chitambara emphasized the importance of the government engaging with retailers to effectively address the concerns that have been raised.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Economists are saying the government should let the ZiG currency float freely to help close the gap between official and street rates. The U.S. dollar is trading at different prices in different places. Economists think market forces should decide the ZiG's value, not the government. They say the value of ZiG is more about people's confidence in it, not the price of gold. Big retailers are struggling because they have to use the official rate. Economists want the government to talk to retailers about these problems.

Economists Urge Government To Allow ZiG Currency To Float Freely

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

Business leaders and industry executives have called on the Reserve Bank of Zimbabwe (RBZ) to fully liberalise the foreign exchange market and allow market forces to determine the exchange rate.
Speaking to <a href="https://businesstimes.co.zw/liberalise-foreign-exchange-market-rbz-told/">Business Times</a>, Zimbabwe National Chamber of Commerce (ZNCC) president Tapiwa Karoro said:
<blockquote>
There is a need for a consistent implementation of a market-determined exchange rate system that will provide a more predictable and stable economic environment, reducing speculative market behaviours. 
The central bank should improve the availability and accessibility of foreign currency at banks for importers.
The RBZ should also ensure transparent and efficient processes for businesses to access foreign currency, which is crucial for import transactions and economic stability.
</blockquote>
Confederation of Zimbabwe Industries (CZI) CEO Sekai Kuvarika said that the managed currency rate regime has put companies in a difficult situation. She said:
<blockquote>
We have a badly misaligned exchange rate system in the country. What we need is stability and what we need is an efficient price discovery mechanism and well-functioning forex accessing platform.
…We need the forex to be correctly priced so that everyone benefits from it and that’s our constant position up to today.
</blockquote>
Also speaking to Business Times, Economist Prosper Chitambara said that the exchange rate seems to be managed, rather than allowed to float freely. Said Chitambara:
<blockquote>
The depreciation of the local currency is pointing to the rigidity of the interbank system. There is a need to fully liberalise the interbank bank system.
There is a huge mismatch between the demand for forex as there are so many willing buyers and very few willing sellers.
This makes forex scarce and this points to some distortions on the interbank systems which is causing the platform not to be fully reflective of that market dynamic forces of demand and supply.
The exchange rate seems like it is being managed and is not allowed to freely float. Liberalise the interbank to allow the forces to be fully reflected in the exchange rate.
</blockquote>
Another economist, Gift Mugano, also called on the Central Bank to fully liberalise the exchange rate for the Willing Buyer, Willing Seller (WBWS) system to work. He said:
<blockquote>
The governor of the RBZ must liberalise the exchange rate as there is clear evidence that the willing buyer willing seller is not working because the exchange rate is commanded by the central bank.
He must float the exchange rate to become a discovery mechanism in the market so that players can freely trade forex.
I don’t see the rationale of him [Dr John Mushayavanhu, the governor of the RBZ] running a controlled exchange rate in real practice.
It does matter how he tries to defend the Willing Buyer, Willing Seller (WBWS) system as banks are not giving bidding companies forex. What is that?
We are fooling ourselves.
Dr Mushayavanhu said all the companies with genuine need for forex should go to the bank and get it, he must walk the talk on that.
We don’t want to be told that reserves have increased from US$280m to US$350m, they mean nothing if we hear that we have a backlog of the same invoices.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Business leaders and industry executives want the Reserve Bank of Zimbabwe (RBZ) to let the market decide exchange rates. They say the current system is not working well and want more transparency and access to foreign currency. Some economists also believe the exchange rate should not be controlled by the central bank but should float freely. They think a Willing Buyer, Willing Seller system would be better. They say the RBZ needs to take action to make sure companies can get the forex they need without restrictions. People are asking for changes to make the system fairer for everyone.

Calls Mount For RBZ To Allow Market Forces To Set Exchange Rates

Business leaders and economists have criticised the government’s move to manipulate exchange rates thereby reintroducing price controls for all goods to slow down inflation.
The annual inflation rate increased to 57.5% in April, up from the previous month’s 55.3%.
In a move aimed at regulating the pricing of goods, the government recently imposed the Statutory Instrument 81A of 2024 which removed the 10% premium on forex sales.
As a result, all sellers of goods are now compelled to use the interbank selling rate or risk being fined at least ZiG200 000 penalty.
The president of the Confederation of Zimbabwe Retailers (CZR), Denford Mutashu has since written to the Minister of Industry and Commerce, Mangaliso Ndlovu, expressing concern over the contents of Statutory Instrument 81A of 2024. The letter, seen by <a href="https://businesstimes.co.zw/disquiet-over-price-controls/">Business Times</a>, reads in part:
<blockquote>
We are writing to express our strong concerns regarding Statutory Instrument 81A of 2024. While we understand the intention behind this instrument we believe that the current framework is not workable and requires significant adjustments to ensure its feasibility.
Our concerns are centred around the maximum exchange rate, which does not reflect a cost recovery exchange rate given the current circumstances.
Specifically, banks are currently charging clients a rate around 5% above the selling rate. This week, the banks have been selling at a rate of around ZiG14.70:US$1.
The new intermediate money transfer tax (IMTT) statutory instrument announced by the minister has increased the IMTT for forex (FX) purchases on the Willing Buyer, Willing Seller (WBWS) from 1% to 2%.
This is in addition to the 1% charged by the Reserve Bank of Zimbabwe (RBZ), taking the total cost for WBWS purchases to 3%. These costs add up to an average of 8% above the RBZ selling rate.
Furthermore, FX is not available on demand, and any time lag between receiving ZIG and purchasing FX on WBWS can result in losses for traders due to ZIG rate devaluation.
To make this SI workable and possible for players to comply, we recommend that the bank selling rates must not exceed the RBZ selling rate and that FX purchases from the WBWS must be exempted from IMTT.
</blockquote>
Mutashu also urged authorities to remove the RBZ’s 1% admin fee for WBWS purchases and to allow an additional 2% above the WBWS selling rate to account for ZIG rate volatility if these measures are not implemented. He added:
<blockquote>
SI 81A of 2024 will not be workable, and it will lead to a cat-and-mouse game between the regulator and businesses. We urge you to consider our concerns and recommendations to ensure a feasible and effective framework.
</blockquote>
Kurai Matsheza, the president of the Confederation of Zimbabwe Industries (CZI), said:
<blockquote>
In economics, there’s a law of demand and supply hence the government should follow that for the exchange rate to stabilise. Anything outside that will affect the economy.
</blockquote>
Economist Vince Musewe pointed out that the government is repeating mistakes by reintroducing price controls, which could lead to shortages and smuggling. He said:
<blockquote>
You cannot police market sentiment. The market is a beast that can only be tamed by building trust and confidence.
Price controls always create alternative market shortages and increased smuggling. We are not learning from history.
</blockquote>
Another economist, Tony Hawkins, said the threats of arrests and fines “confirm that nothing has changed”. He said:
<blockquote>
Next comes the shifting of goalposts with new SIs and additional ways of calculating inflation.
In this case, we have a new twist — the conversion of an already out-of-date national budget into zigs which will give Treasury lots of opportunities to switch spending and raise stealth tax revenues.
The next stage, as is happening now is threats, arrests and fines all of which confirm that nothing has changed.
How can it be a free market if anyone who trades on a willing buyer-willing seller basis is breaking the law unless he trades at the manipulated RBZ rate?
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Price Control Reintroduction Draws Criticism from Business Leaders and Economists

Zimbabwean academic, financial analyst, and economist, Gift Mugano, has warned that goods will disappear from supermarket shelves after the government introduced rules making it mandatory for businesses to use the fixed exchange rate.
On Thursday, 09 May, the Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, gazetted Statutory Instrument 81A of 2024 which penalises individuals and companies charging prices above the prevailing official foreign exchange rate.
The official exchange rate in the economy is set daily by the Reserve Bank of Zimbabwe (RBZ).
Offending firms and individuals will be fined ZiG200 000, but if the foreign currency taken in is higher in value, then the penalty equals that foreign currency.
Furthermore, the 10 per cent premium that retailers were allowed on the official exchange rates between foreign currency and the ZiG has now been abolished.
Responding to the developments, Mugano said Statutory Instrument 81A of 2024 “will definitely kill the formal businesses”. He wrote on X (formerly Twitter):
<blockquote>
The New Amendments to the Exchange Control is a total disaster!
Goods will disappear from the formal sector and appear in the informal sector! Unfortunately, GOZ can’t regulate or enforce compliance in the informal sector because it’s gigantic &amp; stubborn.
This gives the informal sector latitude to set own informal rules and disregard government policies/regulations.
The informal sector has the flexibility to operate at competitive exchange rates/black market rates which will definitely kill the formal businesses.
The irony is that we have been on this road before and it didn’t work! GOZ must develop a culture of carrying out impact assessments of its policies and come up with improved policies.
The informal sector is a menace and fluid – we must apply critical thinking not emotions if we are to redirect the economy on the right path.
In my previous instalments, I proffered solutions which GOZ must consider to save the ZiG but authorities ignored the advice.
It is high time that we undertake a comprehensive assessment of the root causes of our economic problems. We must never be prescriptive.
At the moment I humbly suggest that authorities stop issuing press statements and statutory instruments because it is not taking us anywhere.
Let us undertake a 360-degree investigation of our economic crisis and come up with comprehensive solutions which must include political remedies!
Otherwise, we are going nowhere.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Penalising Companies For Charging Prices Above Official Forex Rate Will Kill Formal Businesses - Mugano

The Zimbabwe Government will penalise individuals and companies charging prices above the prevailing official foreign exchange rate.
The official exchange rate in the economy is set daily by the Reserve Bank of Zimbabwe (RBZ).
Offending firms and individuals will be fined ZiG200 000, but if the foreign currency taken in is higher in value, then the penalty equals that foreign currency.
Furthermore, the 10 per cent premium that retailers were allowed on the official exchange rates between foreign currency and the ZiG has now been abolished.
The changes were made through Statutory Instrument 81A of 2024, Exchange Control (Amendment of Schedule to Exchange Control Act) Notice, 2024, gazetted on Thursday, 09 May. Reads the Statutory Instrument:
<blockquote>
Exchange Control (Amendment of Schedule to Exchange Control Act) Notice, 2024
THE Minister of Finance, Economic Development and Investment Promotion, in consultation with His Excellency the President, in terms of section 11(2) of the Exchange Control Act [Chapter 22:05], hereby makes the following notice: —
Title
1. This notice may be cited as the Exchange Control (Amendment of Schedule to Exchange Control Act) Notice, 2024.
Substitution of Paragraph 2(12)
2. Paragraph 2 (“Power of Reserve Bank to issue civil penalty order”) of the Schedule (“Civil Penalty Orders”) to the Exchange Control Act [Chapter 9:23] is amended by the repeal of subparagraphs (12) and (13) and the substitution of the following subparagraphs —
“(12) A natural or legal person shall be guilty of a civil infringement if he or she, being a seller of goods or services, offers such goods or services at an exchange rate above the prevailing average interbank foreign currency selling rate published by the Reserve Bank of Zimbabwe.
(13) In the event of default in complying with subparagraph (12), the civil penalty shall provide for-
(a) a combination of-
(i) a fixed penalty of two hundred thousand ZiG or an amount equivalent to the value of the foreign currency charged for the goods or services in question (whichever is the greater amount); and
(ii) a cumulative penalty over a period not exceeding ninety days of five per centum of the outstanding amount of the fixed penalty for each day (beginning on the day after the service of a civil penalty order) that the fixed penalty or any outstanding amount thereof remains unpaid by the defaulter;
(b) the suspension of the operation of the civil penalty order for a period of 48 hours from the date of its issuance to enable the alleged defaulter to show cause to the designated officer why the order should not have been issued:
Provided that-
(i) if no such cause is shown within that period the order shall be deemed to have been issued with effect from the beginning of such period;
(ii) if within that period, good cause is shown why the order should not have been issued, the designated officer shall withdraw the order and make the appropriate notation of withdrawal in the civil penalty register.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe To Impose Fines On Companies Not Using Official ZiG Exchange Rate

Reserve Bank of Zimbabwe (RBZ) governor John Mushayavhanu has urged members of the public to report supermarkets using exchange rates which are higher than the official rate.
This follows reports that some traders use a higher rate than the official Zimbabwe Gold (ZiG)13,5 to US$1.
In a recent interview with StarFM radio, the Central Bank chief warned that authorities will revoke shop licences of supermarkets found using black market rates. He said:
<blockquote>
You should report on supermarkets that are not using the ZiG13,5 rate but a higher rate. We are not going to tolerate that. They are going to get their licences terminated.
ZiG is going to be a stable currency and it is here to stay. Hang on to your ZiG and do not fall for evil people who want to exchange the currency at a high rate.
</blockquote>
The ZiG currency, introduced on 05 April 2024, is trading between ZiG17 and ZiG22 for US$1 on the parallel, according to <a href="https://www.newsday.co.zw/local-news/article/200026557/rbz-targets-supermarkets-over-zig">NewsDay</a>.
The Consumer Protection Commission (CPC), the Zimbabwe Republic Police (ZRP) and the RBZ’s Financial Intelligence Unit (FIU) are working together in a blitz on businesses refusing to accept the new currency.
Meanwhile, the Zimbabwe Energy Regulatory Authority (ZERA) on 04 May, issued a fuel review notice indicating prices of petrol and diesel in both USD and ZiG.
However, this does not necessarily mean that fuel is now being sold in ZiG because ZERA has always done the same for Bond Notes even when they were not accepted at the fuel pump.
According to the notice, diesel now costs ZiG22.24 and US$1.66, while petrol is now selling at ZiG21.15 and US$1.58 per litre respectively.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Urges Public To Report Supermarkets Using Unofficial Exchange Rates

The recent launch of the Zimbabwe Gold (ZiG) currency by the Reserve Bank, backed by gold and other precious metals, along with foreign currency reserves, has provided scant relief for long-suffering consumers who continue to grapple with price increases.
ZiG is already circulating on the market electronically, but the release of banknotes and coins, preferred by the majority of traders who don’t have bank accounts, was delayed by 21 days.
The RBZ has pledged to drip-feed the notes and coins into the market starting on 30 April 2024.
According to a <a href="https://www.newzimbabwe.com/zimbabweans-short-changed-as-zig-new-currency-resistance-grows/">NewZimbabwe.com</a> report, shops across the country favour the US dollar for transactions, with some linking ZiG prices to the volatile street rate.
Some retailers especially the major retail chains are displaying prices in both USD and ZiG dollars at the official exchange rate, while others are pegging prices using illegal exchange rates.
The official interbank rate stands at US$1: ZiG13.44 but some retailers are transacting using rates as high as ZiG19.00.
According to a snap survey carried out by NewZimbabwe.com, at Gain Cash and Carry, owned by National Foods, a 10-kilogram packet of mealie meal was priced at ZiG107 while in US$ it was being sold at US$6.20.
The same product at TM Pick n Pay was selling at US$6.97 while in local currency it had been pegged at ZiG92.70
Mohammed Mussa displayed signage accepting the local currency but reportedly refused to accept the transactions at till points.
A cashier at one of the four operational tills said the system had been down since Thursday morning. On Friday morning and later in the afternoon, the system “was still down.”
However, an unsuspecting worker at the wholesaler told the publication that they were yet to accept ZiG currency payments. Said the employee:
<blockquote>
Pafeya chaipo muno ZiG haritodiwe. Kungoisawo hedu notice incase law enforcement agents walk in. (To tell you the truth, we are only displaying as you can see but ZiG is not accepted here. But you can go to the cashiers and ask).
</blockquote>
This practice by unscrupulous businesses leaves many Zimbabweans, who earn their salaries in local currency (wholly or in part), at a disadvantage.
Confederation of Zimbabwe Retailers (CZR) president, Denford Mutashu advised consumers to report to authorities when shops reject ZiG or use street rates. Said Mutashu:
<blockquote>
The issue is sometimes we don’t even have airtime to call authorities. It will be a huge sabotage if any retailers are breaching the law, it is not nice and of course, we can always tip law enforcers.
So far, I have not used ZiG myself so I’m not very sure about the situation unfolding on the ground.
</blockquote>
Rosemary Mpofu, the chief executive officer of the Consumer Council of Zimbabwe (CCZ), said:
<blockquote>
CCZ is always in constant engagement with government especially on topical consumer issues. Our recent survey has observed that the big retail outlets have aligned with exchange rate requirements.
However it is the small retailers and tuckshops that continue to shortchange consumers through speculative tendencies, and they have been doing this even before the introduction of ZIG.
In that respect, we continue to engage government to enhance the enforcement aspect, further to that, CCZ continues to educate consumers on shopping tips and avoid service providers that use exorbitant rates.
We also recommend stiffer penalties or revoking licenses for those promoting speculative tendencies.
</blockquote>
The government has previously warned retailers against such practices, and the Financial Intelligence Unit (FIU) says it has frozen the bank accounts of 11 entities for refusing to trade in ZiG.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabweans Short-changed As Resistance To ZiG Persists

The Government is set to deploy law enforcement agents on the streets to arrest illegal money changers who are allegedly manipulating the newly introduced Zimbabwe Gold (ZiG) currency, even before ZiG notes and coins officially enter circulation.
The new currency is already in electronic circulation, and reports are suggesting that the street exchange rate has surged to at least ZiG18 per US dollar, surpassing the official rate of ZiG13.41 per dollar.
On Wednesday Members of Parliament raised concerns that the value of the ZiG currency has been distorted less than a week after it was unveiled.
Presenting a summary of the Monetary Policy Statement in Parliament, Ncube said that the Government will ensure that money changers are cleared off the streets. He said:
<blockquote>
Hon. Togarepi (Pupurai) said that he has noticed that some street traders are back on the street corners and may start attacking our domestic currency again.
I received similar information as well as early this afternoon. We are going to send out our law enforcement agency to do their work on a blitz to make sure that these vendors are dealt with.
They are cleared off the streets, and heavy fines are imposed on those caught trading in the parallel market.
It is illegal. Therefore, if it is illegal, the law must take its course. I am also urging our law enforcement agents to move with speed to deal with this matter. We cannot allow it.
</blockquote>
Ncube also assured parliamentarians that civil servants will get their salaries on time this April. He said:
<blockquote>
What RBZ mentioned was the issue of availability of hard cash being available later, at least by April 30 but in terms of receiving electronic payments into their accounts, civil servants will be able to receive these by April 18th or any time because ZiG is already operational.
</blockquote>
Illicit foreign exchange trading has undeniably flourished in Zimbabwe, permeating major urban centres across the country.
Critics contend that authorities contribute to the illicit trade by allowing money changers to openly transact in broad daylight.
Forex dealers often handle freshly minted stacks of local currency, a commodity scarce within formal banking channels.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Police Set To Conduct Blitz On Money Changers "Manipulating" ZiG Currency

OK Zimbabwe, one of the country’s major retail chains, ensures that its exchange rates are regularly updated to reflect the prevailing rates at the time of customer transactions.
In response to a customer’s inquiry regarding pricing discrepancies, OK Zimbabwe clarified that the rate displayed in the shop may not always align with the rate used at the checkout counter, as exchange rates fluctuate throughout the day. Queried the customer:
<blockquote>
I am a loyal OK customer, where everyone is a winner. I have a question. Would you care to explain your pricing disparities. In every branch of yours there is a chart displaying the USD/ZWL exchange rate.
Your prices are marked in USD. Paunosvika patill uchihibhadhara with ZWL you would naturally expect to pay using the displayed rate, asi hazvisirizvo zvinoitika, hameno language inotanga kutaurwa and you pay using a different rate, I was made to understand that the rate differs from product to product. Ndizvo here?
Is it possible to be transparent about the cross rate formula? Hamukwanise kuita zvinoitwa kuPick n Pay, displaying both USD and ZWL price?
</blockquote>
OK Zimbabwe’s response shows that the retail chain changes prices constantly in line with the movement of the exchange rate. It said:
<blockquote>
Our rates are updated based on the prevailing rates at the time of your transaction. However, the exchange rate might change in our system before we can update our displays.
</blockquote>
Another customer said he has stopped shopping at OK because one doesn’t know the price of a product until one gets to the till.
The depreciation of the Zimbabwe dollar can lead to exchange losses for retailers when converting foreign currency purchases back to the local currency. This affects the overall profitability of retailers.
Retailers are, therefore, forced to adjust prices frequently to keep up with rising costs.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

OK Zimbabwe Clarifies Pricing Disparities

The Zimbabwe dollar fell by 21% this week on the official market, a drop that leaves the currency 91% weaker than it was this time last year, reported <a href="https://newzwire.live/the-zimdollar-is-now-over-90-weaker-than-it-was-a-year-ago-here-is-why-its-likely-to-get-even-worse/">newZWire</a>.
The Zim dollar traded at ZWL$8 240 per US dollar on Thursday, down from ZWL$6 467 earlier this week, according to Reserve Bank of Zimbabwe (RBZ) data.
This means that the official rate is now more than 91% down over the past year on both the official and black markets.
The Zim dollar started 2023 at ZWL$705 to the USD on the official market and around Z$1 000 at the black market.
Persistence Gwanyanya, a member of RBZ’s monetary committee, was cited by Bloomberg as saying authorities are trying to narrow a widening gap between the formal rate and the street rate.
He said authorities see a gap of 10% to 20% between the official and unofficial exchange rates as acceptable.
Gwanyanya said the depreciation of the Zim dollar was a result of a softening of global commodity prices and the end of tobacco sales, which have slowed US dollar inflows into the economy. He said:
<blockquote>
Even this quarter, our situation will not have got to normal. We will need to manage the demand side, that is deal with the demand for forex and judiciously allocate resources.
</blockquote>
Gwanyanya said that with the recent depreciation, the “equilibrium has been disturbed” as the gap between official and unofficial markets exceeds the 10% to 20% range set by authorities. He added:
<blockquote>
We will now be seized with re-establishing the equilibrium.
</blockquote>
Currently, businesses are allowed to charge prices within a 10% margin of the official exchange rate.
In a policy paper to the Government, the Confederation of Zimbabwe Industries (CZI) proposed that they be allowed to set prices at 20% below the market exchange rate.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Is Now Over 90% Weaker Than It Was A Year Ago

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

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

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya, has assured Zimbabweans that there is nothing to worry about, despite the value of the Zimbabwean dollar declining once more.
Both the official rate and the street rate have been comparatively stable in August but this week, the local unit fell to ZWL$4 712.16: US$1 from ZWL$4 604.62: US$1 three weeks ago.
<a href="https://businesstimes.co.zw/zim-dollar-implodes-again/">Business Times</a> quoted Mangudya as saying the central bank is in control of the situation. He said:
<blockquote>
There’s nothing to worry about as the exchange rate remains relatively stable. I think Zimbabweans need prayers as they start panicking with something that is within reach. We have tools to ensure there is no excess liquidity in the market.
The central bank remains confident that the continued sale of gold coins and gold-backed digital tokens will sustainably take away steam from the store-of-value demand for local currency during the short to medium term, with positive spinoffs on the substance of obtaining price and exchange rate stability.
Furthermore, the central bank’s strategic resolve for continued monetary prudence will add further impetus to the positive prospects of the local currency over the medium term.
In addition, the ongoing monitoring and surveillance by the Financial Intelligence Unit will effectively minimise incidences of exchange rate manipulation and abnormal pricing practices.
</blockquote>
Meanwhile, Finance and Investment Promotion Minister Mthuli Ncube said that it is baffling that a foreign currency parallel market still exists in Zimbabwe.
Ncube said the parallel market “shouldn’t even exist” as “every piece of policy that is necessary for a stable currency has been put in place”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Falling Once More, Mangudya Says Nothing To Worry About

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

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 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

Some businesses are reportedly still using exchange rates of between ZWL$8 000 and ZWL$11 000 per US$1 in anticipation that the strengthening of the local currency will not last longer.
They argue that selling at the new exchange rates will see them record huge exchange rate losses given they stocked when rates were too higher.
Over the past few weeks, both the official exchange rate and street rates have been coming down after the Government introduced the wholesale foreign currency exchange auction system.
The system allows banks to access foreign exchange at market-determined exchange rates for onward transmission to their customers.
As a result, the official exchange rate has firmed to ZWL$4 999, from a peak weakness of ZWL$6 926 per US$1.
However, market players have little confidence that the current stability will last for longer and anticipate that the rate will soon run again due to increased salaries for civil servants and payment of suppliers.
Secretary for Finance and Economic Development, George Guvamatanga, on Thursday, told <a href="https://www.businessweekly.co.zw/business-to-suffer-heavy-losses-on-exchange-rate-movement/">Business Weekly</a> that the Government is still meeting its obligations and “paying contractors and suppliers”.
He dismissed claims that there is a liquidity crunch in the market as the local currency is readily available at banks, RBZ, and from Government.
Guvamatanga asserted that most companies are struggling to price their products because they have never experienced a firming currency. He said:
<blockquote>
There are lots of Zimbabwe dollars because as Government, we are still paying our contractors, and we are still paying our suppliers, it’s only that they are looking at the wrong place (for the Zim dollar)…
Most executives, finance directors and those in treasury departments, have no experience of a strengthening currency and do not know what to do.
They are used to one-way forward pricing and this is reflected in the market right now.
Well-trained officers would have reached their stop-loss positions.
</blockquote>
Guvamatanga also denied reports that only the Government was officially selling foreign currency at the official exchange rates. He said:
<blockquote>
The market sold to their banks more than U$110 million while Government has sold US$67 million.
Voluntary liquidations are almost 100 percent of what we have supplied. So the market is already clearing on its own.
All this money has been traded around the official exchange rate. It shows the new auction has the support of exporters because this is the first time we have seen this level of liquidation.
</blockquote>
At the Wholesale Foreign Exchange Auction conducted on Tuesday, 11 July, US$5 640 000.00 was allotted from a total of US$20 000 000.00 that was on offer.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Business Set To Suffer Heavy Losses As Zimbabwe Dollar Recovers

Parents and guardians paying for this term’s Zimbabwe School Examinations Council (ZIMSEC) Grade 6 and 7 examinations will use an exchange rate of US$1: $5 260.
In a statement, ZIMSEC finance director Zipora Muzenda said parents and guardians paying for the Grade 6 and 7 examinations will use an exchange rate of US$1: $5 260 for the period beginning July 7 to July 14. <a href="https://www.chronicle.co.zw/zimsec-sets-exchange-rate-for-mid-year-examinations/">She said</a>:
<blockquote>
The exchange rate to be applied for ZWL payments will be ZWL 5260.00 to 1 USD. Payments must be made to the ZWL accounts which ZIMSEC communicated to Centres.
United States Dollar and Rand payments will be accepted via direct deposits through Centres into the accounts which ZIMSEC communicated to Centres.
ZIMSEC continues to accept examination fees in the currency paid by the parent/guardian to centres as communicated earlier.
Centres must, therefore, transmit examination fees in the currency in which parents/guardians pay the fees.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZIMSEC Sets Exchange Rate For Grade 6 & 7 Examinations

The Government has accused several pharmacies and other traders of engaging in “forward pricing” and speculation in violation of exchange control directives as well as standing government policy guidelines with respect to pricing and the use of the Zimbabwe dollar.
In a statement released on Tuesday, 11 July, the Ministry of Finance and Economic Development, said the Financial Intelligence Unit (FIU) is conducting investigations to identify the culprits.
It said (FIU) has established that some pharmacies are using parallel market exchange rates ranging from between ZWL$8 500.00 to ZWL$11 000.00 against the USD, in complete violation of Government Policy and the country’s anti-money laundering regulations.
The Ministry said measures have since been instituted against the culprits that will result in the suspension and/or cancellation of the trading licenses of the pharmacies. The pharmacies are:
<figure class="wp-block-table alignwide is-style-stripes">
<table style="width: 94.09%;">
<tbody>
<tr>
<td style="width: 31.3609%;">Name of Company</td>
<td style="width: 14.9901%;">Location</td>
<td style="width: 90.7298%;">Observed Violation</td>
</tr>
<tr>
<td style="width: 31.3609%;">Blessed Pharmacy</td>
<td style="width: 14.9901%;">Chegutu</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Global Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Leecare Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Pineal Pharmacy</td>
<td style="width: 14.9901%;">Kadoma</td>
<td style="width: 90.7298%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 31.3609%;">Greenwood Pharmacy</td>
<td style="width: 14.9901%;">Kwekwe</td>
<td style="width: 90.7298%;">Accepting USD only</td>
</tr>
</tbody>
</table><figcaption class="wp-element-caption"></figcaption></figure>
<figure class="wp-block-table alignwide is-style-stripes">
<table style="width: 94.3202%;">
<tbody>
<tr>
<td style="width: 36.9403%;">Name of compamy</td>
<td style="width: 12.3134%;">Location</td>
<td style="width: 80.2239%;">Observed Violation</td>
</tr>
<tr>
<td style="width: 36.9403%;">Apex Pharmacist Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 500.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Siegmed Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Booties Pharmacy</td>
<td style="width: 12.3134%;">Gweru</td>
<td style="width: 80.2239%;">Accepting USD only</td>
</tr>
<tr>
<td style="width: 36.9403%;">Mediplus Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Greenview Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 11 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Kaizen Pharmacy</td>
<td style="width: 12.3134%;">Rusape</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Necta Care Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 8 500.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Lancaster Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Murapi Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 9 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Grey Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Central Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 11 000.00</td>
</tr>
<tr>
<td style="width: 36.9403%;">Manica Pharmacy</td>
<td style="width: 12.3134%;">Mutare</td>
<td style="width: 80.2239%;">Using exchange rate ZWL 10 000.00</td>
</tr>
</tbody>
</table>
</figure>
The Ministry added that the Government remains committed to the broad use of local currency for domestic transactions and stern measures will be taken against service providers who continue to violate provisions.
It urged the transacting public to resist all forms of unfair pricing by retailers and to immediately report violations to the Financial Intelligence Unit.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0w1R-8aQAISxjN?format=jpg&amp;name=4096x4096"/><img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0w1SUhaEAEETD0?format=jpg&amp;name=4096x4096"/>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pharmacies Charging Above Official Exchange Rate Set To Lose Licences

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.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0wXSlDXoAI5Y1P?format=jpg&amp;name=4096x4096"/>

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