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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).
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F_dAbrJWUAAk54y?format=jpg&amp;name=4096x4096"/>
More: <a href="https://www.pindula.co.zw/2023/11/18/president-mnangagwa-reverses-the-appointment-of-general-valerio-sibanda-to-zanu-pf-politburo/">Pindula News</a>

Pindula News

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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<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 lost more value compared to the United States Dollar in the official forex market on October 24, 2023. During the Reserve Bank of Zimbabwe’s wholesale foreign currency auction, the exchange rate averaged ZWL$5,693.7825 per US$1, which is lower than the rate of ZWL$5,668.2204 per US$1 on October 18.
On October 10, the rate was ZWL$5,633.8332 per US$1.

<ul style="list-style-type: circle;">
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/10/10/zimbabwe-dollar-official-rate-moves-to-5-633-per-us1/">Zimbabwe Dollar Official Rate Moves To $5 633 Per US$1</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/09/26/zimbabwe-dollar-official-rate-moves-to-5-252-per-us1/">Zimbabwe Dollar Official Rate Moves To $5 252 Per US$1</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/10/03/zimbabwe-dollar-now-at-5-591-per-us-dollar/">Zimbabwe Dollar Now At $5 591 Per US Dollar</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/09/26/zimbabwe-dollar-official-rate-moves-to-5-252-per-us1/">Zimbabwe Dollar Official Rate Moves To $5 252 Per US$1</a></li>
</ul>
During the auction, a total of US$1,958,167.67 was allocated, an increase from the previous week’s allocation of US$1,937,178.64.
The allocations were primarily directed towards Raw Materials, receiving US$739,962.84, followed by Machinery and Equipment with US$442,614.68. Services such as Loans, Education, Dividends, and Disinvestments received the third-largest allocation of US$234,174.10.
<img alt="RBZ Forex Auction 24 October 2023" class="wp-image-265570 aligncenter" decoding="async" height="525" loading="lazy" sizes="(max-width: 371px) 100vw, 371px" src="https://news.pindula.co.zw/wp-content/uploads/2023/10/auction-24-oct-212x300.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/10/auction-24-oct-212x300.jpeg 212w, https://news.pindula.co.zw/wp-content/uploads/2023/10/auction-24-oct-724x1024.jpeg 724w, https://news.pindula.co.zw/wp-content/uploads/2023/10/auction-24-oct-768x1086.jpeg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/10/auction-24-oct-1086x1536.jpeg 1086w, https://news.pindula.co.zw/wp-content/uploads/2023/10/auction-24-oct-1448x2048.jpeg 1448w, https://news.pindula.co.zw/wp-content/uploads/2023/10/auction-24-oct-1320x1866.jpeg 1320w, https://news.pindula.co.zw/wp-content/uploads/2023/10/auction-24-oct-scaled.jpeg 1811w" width="371"/>
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The Zimbabwean economy is experiencing fluctuations, causing the Zimbabwe Dollar to lose value compared to other currencies. This poses challenges for the country in maintaining stability and managing inflation. 
In response to these challenges, the Reserve Bank of Zimbabwe introduced a number of measures including the Zimbabwe Gold (ZiG) digital tokens. According to the central bank, ZiG serves as both a means of payment for domestic transactions and a store of value. The RBZ says since its introduction on October 5, 2023, ZiG has been widely accepted in the economy. Its use as a medium of exchange and a value-preserving instrument contributes to digitisation, financial inclusion, and the overall stability of the local currency. The auction rate does not yet show signs of stability of the Zimbabwean dollar though.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Official Rate: Zimbabwe Dollar Loses More Value Against The United States 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

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.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F1AC0pNXoAI6h8A?format=jpg&amp;name=900x900"/>
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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.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0wXSlDXoAI5Y1P?format=jpg&amp;name=4096x4096"/>

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 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
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FyB3utPWcAMZHUv?format=jpg&amp;name=900x900"/>
</blockquote>

Zimbabwe Dollar Official Exchange Rate Now $4 868

Finance and Economic Development permanent secretary George Guvamatanga has told government suppliers to stop charging the government for goods and services using the parallel market exchange rate.
He told Parliament’s Public Accounts Committee (PAC) on Monday that many companies are fleecing the government by overpricing their goods and services. He said:
<blockquote>
At the moment, we have an issue of overpricing by service providers and contractors, some of you members might not have been too happy with me over hotels’ pricing. I am not happy with the way most hotels are charging government.
The pricing that has been given to government is extortion, we should not accept these extortionate prices. It should come to a stop, our budget as government is not in parallel market pricing. Charge us fairly.
</blockquote>
He then gave an example of one Harare hotel where Members of Parliament (MPs) were last Friday charged ZWL$168 000 per night for a US$120 room. The hotel was reportedly using a rate of US$1:$1 400.
<h2>Some context:</h2>
<blockquote>
i). The parallel market rate is higher than the official market rate as the latter is approximately half of the former.
ii). Businesses have been preferring the parallel market rate to cushion themselves as the Zimbabwe dollar has been losing value against the United States dollar and other currencies.
iii). The use of parallel market rates will result in the government overstretching its budget. The Finance Minister, Professor Mthuli Ncube recently announced a Mid-term Budget Review. 
</blockquote>
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Finance Ministry Tells Companies To Stop Charging Govt Using Parallel Market Rates

The Zimbabwe dollar (ZWL$) continues to lose value against the US dollar as indicated by the results of the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 21 September 2021.
Last week the weighted average was US$1: ZWL$86.3010 and fell to US$1: ZWL$86.9267 this week.
This week, US$9.8 million was allocated to the Small to Medium Enterprises forex auction while US$29 million was allocated to the main forex auction.
In total, US$38.8 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
1082 bids were received on the Small to Medium enterprises forex auction, with 1023 accepted and 59 disqualified.
On the main forex auction, a total of 443 bids were received, 410 were accepted while 33 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.
Below is the RBZ summary of the forex auction:
<div>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.83">Number of Bids Received :</td>
<td title="Character Accurarcy=99.98">
SME FX58/2021
1082
</td>
<td title="Character Accurarcy=99.89">
MAIN FX60/2021
443
</td>
</tr>
<tr>
<td title="Character Accurarcy=99.77">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.96">59</td>
<td title="Character Accurarcy=99.91">33</td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.97">1023</td>
<td title="Character Accurarcy=99.92">410</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.97">1023</td>
<td title="Character Accurarcy=99.92">410</td>
</tr>
<tr>
<td title="Character Accurarcy=99.6">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=96.07">USD 12 073 518.56</td>
<td title="Character Accurarcy=98.32">USD 34 894 442.49</td>
</tr>
<tr>
<td title="Character Accurarcy=98.91">Amount Allotted :</td>
<td title="Character Accurarcy=99.72">USD 9,779,692.35</td>
<td title="Character Accurarcy=97.84">USD29,002,007.15</td>
</tr>
<tr>
<td title="Character Accurarcy=99.37">Highest Rate Received :</td>
<td title="Character Accurarcy=99.9">97.2000</td>
<td title="Character Accurarcy=99.89">95.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.5">Lowest Bid Rate Received :</td>
<td title="Character Accurarcy=99.92">85.0000</td>
<td title="Character Accurarcy=99.89">85.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.45">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=99.87">85.0000</td>
<td title="Character Accurarcy=99.91">85.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.49">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.93">86.9267</td>
</tr>
</tbody>
</table>
</div>
<div>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.89">PURPOSE</td>
<td title="Character Accurarcy=99.83">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.91">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Raw Materials</td>
<td title="Character Accurarcy=99.92">3,004,873.06</td>
<td title="Character Accurarcy=99.87">12,642,805.59</td>
</tr>
<tr>
<td title="Character Accurarcy=99.98">Machinery and Equipment</td>
<td title="Character Accurarcy=99.89">3,030,865.81</td>
<td title="Character Accurarcy=99.85">6,594,991.86</td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.88">1,492,637.16</td>
<td title="Character Accurarcy=99.75">2,632,044.47</td>
</tr>
<tr>
<td title="Character Accurarcy=99.54">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.9">599,110.94</td>
<td title="Character Accurarcy=99.93">1,204,631.57</td>
</tr>
<tr>
<td title="Character Accurarcy=99.68">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.84">819,992.52</td>
<td title="Character Accurarcy=99.8">3,262,929.05</td>
</tr>
<tr>
<td title="Character Accurarcy=99.91">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.89">20,482.41</td>
<td title="Character Accurarcy=99.97">0.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.81">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.96">495,895.86</td>
<td title="Character Accurarcy=99.86">1,942,533.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Paper and Packaging</td>
<td title="Character Accurarcy=99.86">315,834.59</td>
<td title="Character Accurarcy=99.75">722,071.61</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">TOTAL</td>
<td title="Character Accurarcy=99.94">9,779,692.35</td>
<td title="Character Accurarcy=99.9">29,002,007.15</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=99.75">38,781,699.50</td>
</tr>
</tbody>
</table>
</div>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Foreign Currency Auction Results: 21 September 2021

The Zimbabwe Dollar this week marginally gained and closed the official forex auction stronger as it traded a few cents lower than last week’s official rate of $81.78, ZWL per $1.  According to this week’s auction, the Zimbabwe dollar will trade at $81.49 per $1
This was contained in the communique from the RBZ about the bank’s auction results after today’s auction.
<img alt="" class="aligncenter wp-image-182455 size-full" decoding="async" height="2560" loading="lazy" sizes="(max-width: 1811px) 100vw, 1811px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/09/RBZ-Official-Rate-22-September-scaled.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2020/09/RBZ-Official-Rate-22-September-scaled.jpg 1811w, https://news.pindula.co.zw/wp-content/uploads/2020/09/RBZ-Official-Rate-22-September-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2020/09/RBZ-Official-Rate-22-September-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2020/09/RBZ-Official-Rate-22-September-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2020/09/RBZ-Official-Rate-22-September-1086x1536.jpg 1086w, https://news.pindula.co.zw/wp-content/uploads/2020/09/RBZ-Official-Rate-22-September-1448x2048.jpg 1448w, https://news.pindula.co.zw/wp-content/uploads/2020/09/RBZ-Official-Rate-22-September-1320x1866.jpg 1320w" width="1811"/>

FOREX AUCTION: Zim Dollar Official Rate 22 September 2020

While addressing a virtual meeting of chief executive officers (CEOs) yesterday, RBZ Governor Dr John Mangudya said the cocktail of measures employed by the government recently are meant to continue to stabilise the economy which will result in the prices of basic goods going down, The Daily News reports.
Speaking at the virtual meeting Mangudya said:
<blockquote>
<div>The RBZ’s focus is on price stability. In order to achieve this, we have come up with a two-pronged approach which is about exchange rate management and monetary supply management.</div>
<div></div>
<div>The auction system is being sustained through domestic resource mobilisation, wherein we say 20 percent of commercial transactions are directed to go to the auction system.</div>
<div></div>
<div>This ensures that foreign currency keeps on flowing and businesses are sustained … The exchange rate is gradually stabilising. All bids have been between $80 and $88 for the past three to four weeks.</div>
<div></div>
<div>The average is vacillating within that ruler … and this is not far from the parallel market rate which is around $82 for cash and $90 for transfers</div>
</blockquote>
<div>Mangudya speaking about the introduction of the auction trading system said they are not manipulating the system as the regulator but they were just providing the infrastructure and said:</div>
<blockquote>
<div>
<div>We are not manipulating the system, we are saying bring your own bid and our role is to host the system just like we host treasury bills. We are providing infrastructure and the rules are there to ensure that the process is transparent and accountable. We are re-strategising and putting an end to a random walk. We are trying to abandon the random course and walk towards stabilising the exchange rate in order for prices to stabilise.</div>
</div>
</blockquote>
<div>Mangudya told the Daily News last month that prices will eventually come down due to the raft measures they are putting in place.</div>
<div></div>
<div>More: <a href="https://dailynews.co.zw/mangudya-says-prices-stabilising/">Daily News </a></div>

The RBZ’s Focus Is On Price Stability - Mangudya

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