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The Zimbabwe dollar lost value against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 12, 2023. The USD was exchanged at a rate of ZW$4,712.1675, which is higher than the rate of ZWL$4,647.9681 recorded on September 6, 2023. This follows a previous rate of ZWL$4,604.62 observed on August 29, 2023.
The foreign currency obtained from the auction was primarily allocated to Machinery and Equipment, receiving a total of $303,210.76. Services such as loans, education, dividends, and disinvestments followed closely with an allocation of $303,084.29. Raw materials received a slightly lower allocation of $266,877.75. 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.
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.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Zimbabwe Dollar Weakened Against USD At RBZ's Auction On 12 September 2023

The government says it cannot force service providers to accept soiled USD notes that are either worn out or tattered as it cannot print new notes to replace those that are being rejected.
This comes as Zimbabweans are being forced to buy new United States dollar notes on the streets and other private money agencies as old worn-out notes are being rejected on the market.
The issue was raised in Parliament on Wednesday during the question and answer session.
Mt Darwin South MP, Steven Kabozo (ZANU PF), requested to know government policy regarding the worn-out US dollar notes which were in circulation. He said:
<blockquote>
I have noted with concern that even at our toll gates they are no longer accepting even slightly torn notes which is worrisome, taking into consideration that we do not print US dollar notes here in Zimbabwe.
What is the government policy measure in place to get rid of this activity?
</blockquote>
In response, the Leader of government business in Parliament and Justice Minister, Ziyambi Ziyambi, said the US government, through their embassy, issued a statement on the usage of worn-out USD notes.
Kaboko then asked Ziyambi to explain how the government was dealing with the issue of agencies buying the worn-out USD notes at a rate half of the amount of the note on offer.
In response, Ziyambi said Zimbabwe has no control over the issuance of USD notes. He said:
<blockquote>
This is not our currency. It is a US-American government currency. We do not have any control whatsoever over it and we do not even control what happens beyond our borders.
So I am not the right person to issue a policy over a currency that does not belong to the Zimbabwean government.
</blockquote>
The US dollar became legal tender in Zimbabwe in 2009 after the value of the local currency was wiped out by hyperinflation.
While the government has allowed the use of foreign currencies alongside the Zimbabwe dollar, the Zimbabwe National Roads Authority (ZINARA), a government entity, has reportedly been refusing to accept local currency. | <a href="https://www.newzimbabwe.com/us-not-our-currency-and-cannot-give-policy-relating-to-greenback-ziyambi-tells-mps-on-tattered-bank-notes/">NewZimbabwe.com</a>

USD Not Our Currency, We Have No Control - Ziyambi

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