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The Zimbabwean dollar continues to lose value against the United States dollar, as reported by the Reserve Bank of Zimbabwe (RBZ) in its recent Foreign Currency Auction. The exchange rate on Tuesday was ZW$5,903.3898 per USD, compared to ZW$5827.7972 per USD recorded on December 5, 2023.
This depreciation of the Zimbabwean dollar has been ongoing since its reintroduction in June 2019, following a period of hyperinflation that led to its abandonment for ten years. The continuous devaluation of the currency has resulted in macroeconomic instability, characterized by high inflation rates.
To address the collapse of the local currency and stabilize the macroeconomy, the government implemented various measures. One such measure was making it mandatory for certain taxes to be paid in Zimbabwean dollars, aiming to create demand for the currency and maintain its value. However, economists, like Tinashe Murapata, argued that this demand was only superficial.
Unfortunately, these measures have not yet yielded the desired results, and the economy remains unstable. There are concerns that the situation may worsen in the coming year. Nevertheless, the government assures the nation that it is taking necessary steps to prevent a further deterioration of the economy.
The continuous depreciation of the Zimbabwean dollar against the US dollar raises concerns about the purchasing power of individuals and businesses, as well as the overall economic stability. It highlights the need for effective measures and reforms to address the underlying issues and restore confidence in the local currency. The majority of workers, particularly government workers are paid in Zimbabwean dollars which means inflation will erode their incomes.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

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RBZ Forex Auction: Zimbabwean Dollar Continues To Lose Value Against The United States Dollar

The Zimbabwe dollar lost value against the United States dollar (USD) once again at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 19, 2023. 
The RBZ reported that the USD was valued at ZW$5,015.4279 this Tuesday, which is higher compared to the rate of ZWL$4,712.1675 recorded on September 12, 2023. This increase follows the previous rate of ZWL$4,647.9681 observed on September 6, 2023.
Regarding the allocation of foreign currency from the auction, the majority, amounting to $275,395.54, was assigned to Machinery and Equipment. Services such as loans, education, dividends, and disinvestments received $163,240.14, while Consumables (including spares, tyres, electricals, etc.) followed closely with an allocation of $121,390.64. Raw materials obtained the lowest allocation of $45,391.75.
The total allocated amount was $713,950.34, which is a decrease from the previous allocation of $1,161,863.98.
In recent months, there has been a noticeable increase in the allocation of funds towards Services.
This allocation pattern represents a departure from the usual trend where raw materials typically received a larger share of the funds. The shift in allocation suggests changing priorities or demands within the economy post the 23-24 August 2023 elections.
<div class="in_article">
<div>
These developments highlight the ongoing fluctuations in the exchange rate and the distribution of foreign currency across various sectors of the Zimbabwean economy. The stability of the exchange rate is yet to be determined, but some economists predicted that the Zimbabwean dollar may further depreciate after the period of August 23-24, 2023. They say this could occur if the newly-elected government does not take necessary measures to address the fundamental issues required for stabilising the macroeconomy and the local currency.
</div>
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Zimbabwe Dollar Lost Value Against The USD During The RBZ's Forex Auction On 19 September 2023

Economic blogger Tinashe Murapata, also known as Baba Nyenyedzi, has said the government’s claim of sucking the Zimbabwe dollar from the market is rigged. He was commenting after the Zimbabwe dollar’s recent increase in value against the United States dollar a development the authorities attributed to the disappearance of the Zimbabwe dollar from the market. In a tweet seen by Pindula News, Murapata stated that the auction system is rigged. He warns that using the auction rate to determine the economy’s goods prices is gaming the system and that it will build up tension that will crash further the Zimbabwean dollar. He said:
<blockquote>
When the maths doesn’t add up. In arithmetics, kids use their fingers or toes, beyond which it can’t. The figurative meaning is a lifelong lesson, the math must add up, in as real a fashion as one’s fingers and toe. 
In an unprecedented move the RBZ managed exchange rate saw the ZWL gain in strength from 6926 to 6326. A 9.5% gain. In exchange rate calculation the denominator is always the last rate. In this case (6926-6326)/6326. 
This, my dear countrymen, is a poison chalice. 
The exchange rate appreciation calculation is done to show what the authorities are expecting in terms of prices in the economy. They expect prices to come down by 10%. Immediately. 
This is a sleight of hand. Because on the Parallel Market, rates have remained stubbornly above 8000. Current stock on our selves is held at the PMR and never at the Auction rate. 
The Auction market has a priority list and a very significant restriction, one cannot use borrowed funds to bid for currency. Hence, why the supporters of the auction always talk of reserve money or base money in the economy. 
In March 2023, Reserve Money was $233bn. By now (June)it should be upwards of $800bn of which half is in American dollars and the other half ZWL. Meaning when RBZ claims the Auction sucked liquidity from the market of over $200bn it means half of ZWL base money was taken out of the market. That’s a significant amount, which if it was genuine who entail an appreciation of currency. But even at that never 10% in a week. 
Growing up, my dad used to regale hunting stories when he was a boy. How to trap a wild rabbit that’s found itself escaping in its hole/burrow underground. In most instances it had an escape route. Meaning it enters in one hole and exits in another far off hole. To trap the rabbit you set a fire on the exit burrow. 
Forgive me, if my story doesn’t live up to your personal hunting experiences. I am using my dad’s story as an illustration of how GOZ trapped business. 
Under Mugabe, there was no hesitation to direct price controls in the goods and services market. Government would directly put up what businesses must charge. Failure of which, you were jailed. 
The current regime, understood this doesn’t work. That’s not how you catch them out. Instead you smoke them out by giving business an Auction which is not an auction. Business buys into the auction and RBZ manages the rate to their desired outcome. What will business do, when the Auction rate goes to 4k or 3k? 
I hope business is learning. 
The auction is rigged. The claims of sucking liquidity is rigged. 
If exporters surrender receipts are offered at the auction market. Buyers with ZWL bid for the USD. Therefore ZWL switches from one hand ( importer) to another hand or account ( exporter). This can happen with the same bank. Liquidity does not change. 
How then can RBZ and it’s acolytes insipidly speak of the auction sucking liquidity out of the marketplace? It’s either GOZ or private sector offering exporters their ZWL. Unless RBZ or treasury Borrowed USD and offered to the market. Which is a much bigger problem and hole that got us into this mess in the first place. 
What is happening is that the big exporters are not receiving their ZWL. But given ZWL credit notes indexed to the exchange rate. In effect building a ZWL backlog or debt that keeps track of auction rate. Akin to the digital gold coins. 
Auction market at best is 13% of the import market. 87% occurs elsewhere. Using the Auction rate to determine the economy’s goods prices is gaming the system. 
Kicking the can down the road builds pent up energy that will crash further the ZWL. Zimbabwe is under hyperinflation already. No one believes a currency appreciates in value under hyperinflation. It depreciates at a slower rate or stabilizes at the high rate. It doesn’t appreciate by 10% in a week! 
Surreptitiously, the government is forcing full Dollarization as market players prefer trading in dollars than a rigged auction system.
</blockquote>
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Government's Claim Of Sucking Zimbabwe Dollar From Market Is Rigged: Economic Blogger

The Reserve Bank of Zimbabwe (RBZ) announced on Tuesday, June 27, 2023, that local financial institutions only managed to buy a third of the foreign currency available on the central bank’s wholesale foreign currency auction as the Zimbabwe (Zim) dollar liquidity crunch hits the market. In a Twitter post seen by Pindula News, the central bank said:
<blockquote>
At today’s wholesale foreign exchange auction for banks, out of US$30 million on offer, only US$10 million was purchased by banks for onward sale to banks’ clients.
</blockquote>
For the first time in many months, the Zimbabwe dollar yesterday appreciated against the US dollar. There are expectations that the exchange rate will strengthen going forward, and some predict that the exchange rate should settle at around $5,000 to $6,000 per US dollar under these conditions.
The Zimbabwean government has taken several steps to stabilise the country’s exchange rate, which recently suffered from excess liquidity in the market. These measures include the introduction of a wholesale auction for banks to buy foreign currency on behalf of their clients. The government also transferred external payment obligations from the Reserve Bank of Zimbabwe to the Treasury, increased the bank policy rate from 140% to 150%, and required the payment of all corporate taxes in local currency.
Some economists and business leaders have expressed optimism that these interventions will stabilise the exchange rate and increase the value of the local currency. Economist Tinevimbo Shava commented:
<blockquote>
Obviously these are the effects of the demand-driving policies that were introduced and are continuously being amended. We certainly are going to see another drop in the rate as less demand is there.
We are really embracing the initiative as a step in the right direction provided it is implemented and fully realises the benefits of consolidating the use of the Zimbabwe Dollar and the exchange rate should settle at around $5 000 to $6 000 per dollar or thereabout under these conditions.
</blockquote>
According to Bankers Association of Zimbabwe (BAZ) President Lawrence Nyazema, the local currency has been removed from the market in the past few weeks due to prudent fiscal and monetary steps. He also noted that the current Dutch Auction System is what they wanted three years ago and is seeing a constant supply of foreign currency on the official market outstrip demand. He added:
<blockquote>
We are happy that the measures have forced those that earn 100 percent in foreign currency and had no use for the local currency are now liquidating some of their proceeds to oil the foreign exchange market, hence sustainability of the wholesale and foreign exchange market.
</blockquote>
According to economist Dr. Prosper Chitambara, the increase in demand for the local currency has led to a situation where supply exceeds demand. He believes that going forward, the currency needs to experience pressure from its demand to maintain stability in the market. He said:
<blockquote>
It is a positive development that the Government required companies to settle their tax obligations in local currency, I think this will help to increase and enhance the value of the local currency which should have a very strong stabilising effect on the exchange rate.
</blockquote>
Results from yesterday’s auction indicate that the Zimbabwe Dollar slightly recovered against the United States Dollar (USD), increasing from 6,926.5764 on June 20, 2023, to 6,326.5877. 
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RBZ Reports Low Forex Purchases Due To Shortage Of Zim Dollars

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 16 May 2023, the weighted average was US$1: ZWL$1,404.8039 up from US$1: ZWL$1,212.5.8 reported on 09 May 2023.
The central bank allotted a total of US$14,444,323.31 down from US$16,349 930.31, 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$13,171,159.91 down from US$16,772,580.66.
<blockquote>
♦ Weighted Average Rate moved to 1,404.8039 up from 1,212.5.8.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials …………………………………………. (SME) US$350,687.48 … (MAIN) US$7,007,641.38 
Machinery and Equipment …………………………. (SME) US$415,614.30 … (MAIN) US$1,926,117.50 
Consumables (Incl. Spares, Tyres, Electricals, etc) … (SME) US$202,560.71 … (MAIN) US$1,001,696.74 
Services (Loans, Education, Dividends, Disinvestments, etc) … (SME) US$100,494.32 …. (MAIN) US$983,240.01 
Retail and Distribution (Incl. Food, Beverages, etc) … (SME) US$125,715.23 … (MAIN) US$1,514,194.61 
lubricants Pharmaceuticals and Chemicals …. (SME) US$62,647.17 … (MAIN) US$341,262.52 
Paper and Packaging …………………………….. (SME) US$15,444.19 … (MAIN) US$397,007.15 
TOTAL ………………………………………………. (SME) US$1,273,163.40 … (MAIN) US$13,171,159.91 
GRAND TOTAL AWARDED ……………….. US$14,444,323.31
</blockquote>
Notes 
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.
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Zimbabwe Dollar Further Drops Against US Dollar On RBZ Auction

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> announced that the official forex exchange rate rose to US$1: ZWL$1,070 on May 2, 2023, up from US$1: ZWL$1,021.2072, <a href="https://www.pindula.co.zw/2023/04/25/rbz-forex-auction-value-of-zimbabwe-dollar-keeps-decreasing">reported on April 25, 2023.</a>
The central bank allotted a total of US$19,053,366.38 down from US$20,742,566.66, 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$2,280,785.72 up from US$1,707,854.70, while the Main Forex Auction was allotted US$16,772,580.66 down from US$19,034,711.96.
<blockquote>
♦ Weighted Average Rate moved to 1,070 .4171 Uup from 1,021.2072.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials …………………………………………………………….. SMEFX US$607,706.75 … MAIN FX US$7,504,908.11 
Machinery and Equipment ………………………………………… SMEFX US$858,356.28 … MAIN FX US$3,212,928.08 
Consumables (Incl. Spares, Tyres, Electricals, etc) ……….. SMEFX US$272,218.43 … MAIN FX US$1,139,123.93 
Services (Loans, Education, Dividends, Disinvestments, etc) …  SMEFX US$210,240.59 … MAIN FX US$1,119,089.13 
Retail and Distribution (Incl. Food, Beverages, etc) …….. SMEFX US$208,569.60 … MAIN FX US$2,624,559.22 
lubricants – …………………………………………………………….. MAIN FX US$37,507.60 
Pharmaceuticals and Chemicals ………………………………… SMEFX US$74,941.02 MAIN FX US$404,336.92 
Paper and Packaging …………………………………………………. SMEFX US$48,753.05 MAIN FX US$730,127.67 
TOTAL …………………………………..SMEFX135/2023: US$2,280,785.72 MAIN FX141/2023: US$16,772,580.66 
GRAND TOTAL AWARDED ……….. US$19,053,366.38
</blockquote>
Notes 
<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>
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RBZ Forex Auction: Zimbabwe Dollar Official Rate

The Zimbabwe dollar has lost further ground against the US dollar at the official foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 13 September 2022.
The foreign exchange weighted average rate is now US$1: ZWL$604.2580 from US$1: ZWL$580.1865announced by the RBZ last week.
In an update seen by Pindula News, the central bank reported that a total of US$15.62 millionwas allotted to various sectors at this week’s RBZ foreign currency auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
266 bids were received on the Small to Medium Enterprises Forex Auction, with 259 accepted and 7 disqualified. The total amount allotted was USD2,196,092.29 down from the 2,659,595.81 allotted last week.
On the Main Forex Auction, a total of 127 bids were received, 126 were accepted and 1 was disqualified. The total amount allotted was USD13,429,628.61 UP from USD11,489,204.90 allotted last week.
<blockquote>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.81">
<h2>SME FX105/2022</h2>
</td>
<td title="Character Accurarcy=99.93">
<h2>MAIN FX111/2022</h2>
</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.59">Number of Bids Received :</td>
<td title="Character Accurarcy=99.81">266</td>
<td title="Character Accurarcy=99.93">127</td>
</tr>
<tr>
<td title="Character Accurarcy=99.72">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.88">7</td>
<td title="Character Accurarcy=98.85">1</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.84">259</td>
<td title="Character Accurarcy=99.95">126</td>
</tr>
<tr>
<td title="Character Accurarcy=99.79">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.82">240</td>
<td title="Character Accurarcy=99.92">119</td>
</tr>
<tr>
<td title="Character Accurarcy=99.67">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=98.87">USD2,365,809.80</td>
<td title="Character Accurarcy=82.79">JSD14,251,235.80</td>
</tr>
<tr>
<td title="Character Accurarcy=99.13">Amount Allotted :</td>
<td title="Character Accurarcy=98.11">USD2,196,092.29</td>
<td title="Character Accurarcy=98.7">USD13,429,628.61</td>
</tr>
<tr>
<td title="Character Accurarcy=99.72">Highest Rate Received :</td>
<td title="Character Accurarcy=97.3">650.0000</td>
<td title="Character Accurarcy=97.7">655.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.58">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=97.51">570.0000</td>
<td title="Character Accurarcy=97.17">570.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.57">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.48">604.2580</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.77">
<h2>PURPOSE</h2>
</td>
<td title="Character Accurarcy=99.73">
<h2>AMOUNT ALLOTTED SME AUCTION</h2>
</td>
<td title="Character Accurarcy=99.87">
<h2>AMOUNT ALLOTTED MAIN AUCTION</h2>
</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Raw Materials</td>
<td title="Character Accurarcy=99.86">709,780.41</td>
<td title="Character Accurarcy=99.77">5,583,303.10</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Machinery and Equipment</td>
<td title="Character Accurarcy=99.93">547,943.76</td>
<td title="Character Accurarcy=99.94">3,879,715.95</td>
</tr>
<tr>
<td title="Character Accurarcy=99.59">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.81">237,276.90</td>
<td title="Character Accurarcy=99.88">1,012,716.98</td>
</tr>
<tr>
<td title="Character Accurarcy=99.07">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.8">360,324.06</td>
<td title="Character Accurarcy=99.8">1,372,699.56</td>
</tr>
<tr>
<td title="Character Accurarcy=99.49">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.9">189,439.82</td>
<td title="Character Accurarcy=99.8">1,114,217.08</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">Electricity</td>
<td title="Character Accurarcy=99.85">5,000.00</td>
<td title="Character Accurarcy=99.56">0</td>
</tr>
<tr>
<td title="Character Accurarcy=99.69">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.92">122,190.25</td>
<td title="Character Accurarcy=99.73">304,550.21</td>
</tr>
<tr>
<td title="Character Accurarcy=99.9">Paper and Packaging</td>
<td title="Character Accurarcy=99.87">24,137.09</td>
<td title="Character Accurarcy=99.74">162,425.73</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">TOTAL</td>
<td title="Character Accurarcy=99.89">2,196,092.29</td>
<td title="Character Accurarcy=99.89">13,429,628.61</td>
</tr>
<tr>
<td title="Character Accurarcy=99.81">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=99.89">15,625,720.90</td>
</tr>
</tbody>
</table>
</blockquote>
<h2>Notes </h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZW$ and those with sufficient FCA balances were also disqualified. 
2. Some Bids were allotted on a pro-rata basis. 
3. Willing buyer Willing Seller Bid Rate as of 9 September 2022 was ZW$568.1885. 
</blockquote>
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RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 13 September 2022

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