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The Zimbabwe dollar significantly recovered for the second time in a week, trading at ZWL$5 739 to the USD at the Reserve Bank of Zimbabwe (RBZ) Wholesale Foreign Exchange Auction on Thursday, 29 June.
On Tuesday, the local currency firmed against the United States Dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
On Thursday, the RBZ said eight (8) bids were submitted by banks and all the bids were accepted but only four (4) were allotted cash.
According to the RBZ, US$20 million was on offer and just under US$3 million was allotted.
Commenting on the development, journalist Hopewell Chin’ono said the Government has taken out local currency liquidity so that there are few Zimbabwe dollars to buy the US Dollar. He added:
<blockquote>
This is an electioneering ploy that will backfire spectacularly.
The regime won’t let the local currency float freely because it will expose the lack of the required economic fundamentals!
</blockquote>
Chin’ono said as of Friday, 30 June, the street rate was around ZWL$8 700. On Tuesday, Chin’ono said:
<blockquote>
It is like denying food to a person with diarrhea, and then celebrating when they go to the toilet less than they did before.
You haven’t treated or cured the problem, you have simply denied the patient food, therefore there is nothing to excrete.
So what happened to the Zimbabwean dollar to firm up today? Many people are asking how this is possible.
Firstly, the central bank @ReserveBankZIM has taken out the Zimbabwean dollar liquidity in the marketplace. 
Hakuna RTGS muma streets.
Therefore the market is short of the Zim Dollar to buy the auction US dollars. 
So the movement of the rate is artificial and manipulated!
Shortage of the local currency does not mean that importers and their business enterprises have stopped working.
It just means that they are preferring to use their UD dollars to import goods.
The exchange rate is determined by the auction floor rate.
According to the central bank, auction forex only serves 13% of the total import bill of Zimbabwe. 
87% is sourced elsewhere.
Can the central bank sustain its liquidity crunch? No, it can’t and it won’t!
WHY? Because Government contractors haven’t been paid including parastatal contractors like ZUPCO who rely on government payments.
If contractors are paid, they will flood the Black Market looking for US Dollars and the local currency will crash again.
That is why I said in my opening remarks that the patient has not been cured, they simply starved the patient and are celebrating that artificial response.
Civil servant salaries were last adjusted when the rate was at Z$1,500 against the US Dollar.
But most crucially, big exporters are not getting their export surrender Zim Dollar payments too.
The government has decided to roll over these payments creating a Zim Dollar backlog.
A time will come when all these Zim Dollar payments will flood the market, that time the local currency will crash again.
Do not be fooled by election tinkering of the exchange rate.
The market is fast dollar rising, preferring to use US Dollars instead of Zim Dollars because Zimbabwe is officially under hyperinflation.
Even the official blended inflation rate month-on-month inflation rate is at 74%.
This in economics classifies Zimbabwe as hyperinflation.
This is the second time it has happened in five years.
Things will only improve when there are serious structural changes in Zimbabwe’s economy and politics and not piecemeal tempering with the exchange rate.
In Nigeria, the central bank Governor was suspended for this, and the forex market was liberalized.
In Zimbabwe, the appointing authority has no appetite for doing the right thing.
As Zimbabwe’s most recent successful Finance Minister, Tendai Biti reminded us in his dramatic terminologies, Ingori Kiya-Kiya Economics!
</blockquote>
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Pindula News

Zimbabwe Dollar Recovers For A Second Time In A Week

The Zimbabwe dollar has lost significant value against the United States 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 09 May 2023, the weighted average was US$1: ZWL$1,212.5.8  up from US$1: ZWL$1,070 reported on 02 May 2023.
The central bank allotted a total of US$16,349 930.31 down from US$19,053,366.38, 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$1,576,700.13 down from US$2,280,785.72, while the Main Forex Auction was allotted US$14,773,230.18 down from US$16,772,580.66.
<blockquote>
♦ Weighted Average Rate moved to 1,212.5.8 up from 1,070.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
<ul>
<li>Raw Materials ………………………. (SME) US$392,11.03 7,17,37.67; (MAIN) US$7,017,237.67</li>
<li>Machinery and Equipment …………. (SME) US$590,158.96; (MAIN) US$3,047,072.03</li>
<li>Consumables (Incl. Spares, Tyres, Electricals, etc) – (SME) US$200,611.76; (MAIN) US$963,868.44</li>
<li>Services (Loans, Education, Dividends, Disinvestments, etc) – (SME) US$170,312.82; (MAIN) US$854,682.24</li>
<li>Retail and Distribution (Incl. Food, Beverages, etc) – (SME) US$111,545.24; (MAIN) US$1,390,864.07</li>
<li>Lubricants …………………………. (MAIN) US$50,000,00</li>
<li>Pharmaceuticals and Chemicals … (SME) US$57,666.08; (MAIN) US$407,331.35</li>
<li>Paper and Packaging ……………… (SME) US$53,894.24; (MAIN) US$1,042,174.38</li>
<li>TOTAL amount alloted to SMEFX134/2023  … US$1,576,700.13</li>
<li>TOTAL amount alloted to MAIN FX140/2023) … US$14,773,230.18</li>
<li>GRAND TOTAL AWARDED ……. US$16,349 930.31</li>
</ul>
Notes
<ol>
<li>Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.</li>
<li>Some Bids were allotted on a pro-rata basis.</li>
</ol>
</blockquote>
<h2><a href="https://news.pindula.co.zw/">More Pindula News</a></h2>
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RBZ Forex Auction: Zimbabwe Dollar Official Rate 09 May 2023

The Zimbabwe dollar has for the first time breached the 1 000 mark against US$1.00  on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ) </a>foreign currency auction.
This Wednesday, 19 April 2023, the weighted average moved to US$1: ZWL$1 000.0227, from US$1: ZWL$959.3111 which was set on 11 April 2023.
The RBZ said the highest rate received was 1 125.0000, while the lowest bid rate allotted was 978 000.
The central bank also said a total of US$18,905,097.94 was allotted today down from US$20,568,055.34, 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 was US$1,731,764.97 down from US$US$2,241,706.95.
The total amount allotted on the Main Forex Auction was US$17,173,332.97 down from US$18,326,348.39.
<blockquote>
♦ Weighted Average Rate moved to 1 000.0227 from 959.3111.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$616,821.49 (MA)US$9,101,791.90
Machinery and Equipment……………………..…(SME)US$537,029.59  … (MA)US$3,439,887.52
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$213,005.13 … (MA) US$1,077,195.49
Services (Loans, Education, Dividends, Disinvestments…) (SME) US$115,342.95  … (MA) US$1,033,601.13
Retail and Distribution (Incl. Food, Beverages, etc)…(SME) US$168,605.61 … (MA) US$1,183,168.54
Lubricants ………………………………………………. (SME) US$50,000.00
Pharmaceuticals and Chemicals …………….… (SME) US$54,055.63  … (MA) US$517,726.37
Paper and Packaging …………………………… (SME) US$26,904.57 …. (MA) US$769,962.02
<blockquote>
TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,731,764.97
TOTAL Amount allotted for the MAIN FX130/2023 ………US$17,173,332.97
GRAND TOTAL AWARDED ………………………… US$18,905,097.94
</blockquote>
<h2>Notes</h2>
<blockquote>
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.
</blockquote>
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate Crosses $1 000 Mark

The Zimbabwe dollar this week remained below the 1 000 mark against US$1.00  on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction despite reaching at least 1 500 on the parallel market in recent days.
This Tuesday, 11 April 2023, the weighted average moved to US$1: ZWL$959.3111, up from US$1: US$1: ZWL$944.7133 which was set on 04 April 2023.
The RBZ said the highest rate received was 1 100.0000, while the lowest bid rate allotted was 950 000.
The central bank also said a total of US$20,568,055.34 was allotted today down from US$20,969,947.45, 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 was US$2,241,706.95 down from US$2,379,980.25.
The total amount allotted on the Main Forex Auction was US$18,326,348.39 down from US$18,589,967.20.
<blockquote>
♦ Weighted Average Rate moved to 959.3111 from 944.7133.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$780,117.95  (MA) US$10,145,544.10
Machinery and Equipment……………………..…(SME)US$680,281.10  … (MA)US$3,111,160.89
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$303,176.35 … (MA) US$1,082,756.22
Services (Loans, Education, Dividends, Disinvestments…) (SME) US$130,751.42  … (MA) US$1,157,856.91
Retail and Distribution (Incl. Food, Beverages, etc)…(SME) US$231,773.24 … (MA) US$1,603,231.85
Lubricants ………………………………………………. (SME) US$40,000.00
Pharmaceuticals and Chemicals …………….… (SME) US$92,954.56  … (MA) US$480,479.95
Paper and Packaging …………………………… (SME) US$22,652.33 …. (MA) US$705,318.47
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,241,706.95
TOTAL Amount allotted for the MAIN FX130/2023 ………US$18,326,348.39
GRAND TOTAL AWARDED ………………………… US$20,568,055.34
</blockquote>
<h2>Notes</h2>
<blockquote>
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.
</blockquote>

Zimbabwe Dollar Official Rate As Of 11 April 2023

The Zimbabwe dollar this week depreciated by less than ZWL$3.00 against the United States dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 21 March 2023, the weighted average moved to US$1: ZWL$915.1822, from US$1: US$1: ZWL$912.5828 which was set on 14 March 2023.
The central bank said a total of US$18,719,881.96 was allotted today down from US$19,819,940.12, 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 was US$1,950,094.82 down from US$2,530,187.62.
The total amount allotted on the Main Forex Auction was US$16,769,787.14 down from US$17,289,752.50.
<blockquote>
♦ Weighted Average Rate 915.1822 from 912.5828.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$572,024.56  (MA) US$7,324,594.15
Machinery and Equipment……………………..…(SME)US4578,298.43  … (MA)US$3,187,757.32
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME)US$301,083.28 … (MA)US41,338,761.04
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$148,676.81  … (MA)US41,468,144.95
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$252,715.86 … (MA)US$2,164,656.62
Electricity ………………………………………………. (SME) US$9,936.75
Pharmaceuticals and Chemicals …………….… (SME)US$64,907.54  … (MA)US$683,282.50
Paper and Packaging …………………………… (SME)US$22,451.59 ….(MA)US$602,590.56
TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,950,094.82
TOTAL Amount allotted for the MAIN FX130/2023 ………US$16,769,787.14
GRAND TOTAL AWARDED ………………………… US$18,719,881.96
</blockquote>
<h2>Notes</h2>
<blockquote>
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.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate As Of 21 March 2023

The Zimbabwe dollar this week shed only $4.66 to average $912.5828 against the United States dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 14 March 2023, the weighted average moved to US$1: ZWL$912.5828, from US$1: ZWL$$907.9236 that was set on 07 March 2023.
The central bank said a total of US$19,819,940.12 was allotted today up from US$18,079,094.38, 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 was US$2,530,187.62 up from US$2,144,924.87.
The total amount allotted on the Main Forex Auction was US$17,289,752.50 up from US$15,934,169.51.
<blockquote>
♦ Weighted Average Rate 912.5828 from 907.9236.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$ 742,403.42  (MA) US$9,572,202.10
Machinery and Equipment……………………..…(SME) US$730,643.76  … (MA)US$2,429,410.70
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$407,072.60 … (MA)US$1,091,171.52
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$206,857.61  … (MA) US$1,101,088.97
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$291,079.27 … (MA)US$1,800,702.01
Electricity ………………………………………………. (MA) US$30,000.00
Pharmaceuticals and Chemicals …………….… (SME)US$99,076.09  … (MA)US$418,023.70
Paper and Packaging …………………………… (SME)US$53,054.87 ….(MA)US$847,153.50
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,530,187.62
TOTAL Amount allotted for the MAIN FX130/2023 ………US$17,289,752.50
GRAND TOTAL AWARDED ………………………… US$19,819,940.12
</blockquote>
<h2>Notes</h2>
<blockquote>
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.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate As Of 14 March 2023

The Zimbabwe dollar has breached the $900 mark against the US dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 07 March 2023, the weighted average moved to US$1: ZWL$907.9236, from US$1: ZWL$892.6349 that was set on 28 February 2023.
The central bank said a total of US$18,079,094.38 was allotted today up from US$17,562,464.59, 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 was US$2,144,924.87 down from US$2,165,675.36.
The total amount allotted on the Main Forex Auction was US$15,934,169.51 up from US$15,396,789.59.
<blockquote>
♦ Weighted Average Rate 907.9236 from 892.6349.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$ 603,795.73  (MA) US$7,959,704.89
Machinery and Equipment……………………..…(SME) US$630,601.33  … (MA)US$3,262,466.97
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$230,563.99 … (MA)US$966,846.51
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$208,993.30  … (MA) US$1,306,547.18
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$347,457.00 … (MA)US$1,182,639.25
Electricity ………………………………………………. (SME) US$3,409.13
Pharmaceuticals and Chemicals …………….… (SME)US$84,198.09  … (MA)US$410,374.94
Paper and Packaging …………………………… (SME)US$35,906.30 ….(MA)US$845,589.77
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,144,924.87
TOTAL Amount allotted for the MAIN FX130/2023 ………US$15,934,169.51
GRAND TOTAL AWARDED ………………………… US$18,079,094.38
</blockquote>
<h2>Notes</h2>
<blockquote>
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.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Breaches $900 Mark: Official Rate As Of 07 March 2023

The Zimbabwe dollar has continued to lose value against the US dollar, data released by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> this Tuesday show.
On 28 February 2023, the weighted average at the foreign currency auction moved to US$1: ZWL$892.6349,  fromUS$1: ZWL$881.7513 that was set on 22 February 2023.
The central bank said a total of US$17,562,464.59 was allotted today down from US$19,632,591,61, 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 was  US$2,165,675.36 up from US$1,814,191.43.
The total amount allotted on the Main Forex Auction was US$15,396,789.59 down from US$17,818,400.18.
<blockquote>
♦ Weighted Average Rate 856.8403 from 831.8147.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$652,589.50  (MA) US$7,856,434.10
Machinery and Equipment……………………..…(SME) US$525,704.45  … (MA)US$2,891,433.86
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$339,961.23 … (MA)US$1,264,055.69
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$197,421.92  … (MA) US$1,333,618.55
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$251,868.14… (MA)US$991,023.07
Electricity ………………………………………………. (SME) US$9,860.16
Pharmaceuticals and Chemicals …………….… (SME)US$85,531.27  … (MA)US$353,928.77
Paper and Packaging …………………………… (SME)US$102,738.69 ….(MA)US$706,295.19
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,165,675.36
TOTAL Amount allotted for the MAIN FX130/2023 ………US$15,396,789.59
GRAND TOTAL AWARDED ………………………… US$17,562,464.59
</blockquote>
<h2>Notes</h2>
<blockquote>
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.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Dollar Official Rate As Of 28 February 2023

Forex auction results for 16 February 2021 are in and the Zimbabwe dollar has marginally lost against the greenback.
The weighted average this week marginally went up from ZWL$83.3720 last week to ZWL$ 83.7573. 
<img alt="" class="alignnone wp-image-196722 size-full" decoding="async" height="2560" loading="lazy" sizes="(max-width: 1811px) 100vw, 1811px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/02/Forex-Auction-Results-scaled.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2021/02/Forex-Auction-Results-scaled.jpg 1811w, https://news.pindula.co.zw/wp-content/uploads/2021/02/Forex-Auction-Results-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2021/02/Forex-Auction-Results-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2021/02/Forex-Auction-Results-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2021/02/Forex-Auction-Results-1086x1536.jpg 1086w, https://news.pindula.co.zw/wp-content/uploads/2021/02/Forex-Auction-Results-1448x2048.jpg 1448w, https://news.pindula.co.zw/wp-content/uploads/2021/02/Forex-Auction-Results-1320x1866.jpg 1320w" width="1811"/>

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