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The Reserve Bank of Zimbabwe (RBZ) has urged traders, including commuter omnibuses, shops, fresh vegetable markets, and vendors, to continue accepting Zimbabwe dollar notes until April 30, 2024.
The majority of service providers and shops no longer accept Zim dollar notes, leading to a “change crisis.” As a result, prices are now being rounded off to US$1, making goods and services more expensive.
In a statement issued this Wednesday by the Central Bank, Governor John Mushayavanhu reiterated that the Zim dollar remains legal tender. Reads the statement:
<blockquote>
ZIMBABWE DOLLAR NOTES CO-CIRCULATING WITH ZiG AND OTHER CURRENCIES
Further to the Reserve Bank’s Press Statement of 6 April 2024 on currency conversion from ZW$ to ZiG, the banking sector and payment service providers have made significant and satisfactory progress, in this regard.
Commendably, over 90% of the banking institutions and mobile bank service providers have successfully configured their systems and processes from ZW$ to ZiG, with banking services now being accessible for the convenience of the transacting public.
The Reserve Bank is also encouraged by the positive response and enthusiasm from the business community and the public at large to embrace and use ZiG.
The Reserve Bank has, however, taken note of the concerns of the public emanating from the rejection of the ZW$ notes to be demonetised, which has resulted in the unavailability of “change”, thus forcing businesses, mainly commuter omnibuses to round off prices to US$1.
In this context, the Reserve Bank would like to reiterate that the ZW$ notes currently in circulation are still valid and remain legal tender until 30 April 2024.
Accordingly, the ZW$ notes should continue to be used for transactional purposes at the announced ZiG/ZW$ conversion factor of 2498.7242.
Business entities where the notes have been widely used, including commuter omnibuses, shops, fresh vegetable markets, and vendors, are advised to continue accepting payment in ZW$ notes until 30 April 2024.
For the avoidance of doubt, the Bank advises the public and businesses that the Know Your Customer (KYC) transaction limit of ZW$100,000 does not apply to proceeds from legitimate business transactions during the transition period to 30 April 2024.
The Reserve Bank wishes to advise the public that the educational and awareness campaign on the transition from the ZW$ to the use of ZiG in the market is currently underway and expected to be all-inclusive, reaching out to a wider spectrum of society by the 30th of April 2024, in line with the Bank’s financial inclusion strategy.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

RBZ Urges Kombis, Vendors To Accept "Bond Notes"

In an apparent response to Government spokesperson Nick Mangwana, who accused unnamed individuals of undermining Zimbabwe’s currency and sabotaging efforts to stabilize the economy, economist Professor Gift Mugano suggested that it is the government’s actions that undermine the Zim dollar.
Posting on X, Mangwana, who serves as the permanent secretary of the Ministry of Information, Publicity, and Broadcasting Services, stated that some citizens are on a “crusade” to undermine all government efforts aimed at stabilizing the economy. <a href="https://x.com/nickmangwana/status/1775499882066833542?s=20">He said</a>:
<blockquote>
Why would anyone doggedly make it their mission to fight Zimbabwe’s currency? Why would they turn themselves into a crusader in an effort to sabotage all the endeavours to stabilize things in Zimbabwe? Rank Treachery.
</blockquote>
In a separate post, Mugano asserted that excessive printing of money and the unresolved confidence crisis emanating from actions of monetary authorities are among the enemies of the Zimbabwe dollar and the yet-to-be-introduced structured currency. <a href="https://x.com/gift_mugano/status/1775597088241328624?s=20">He said</a>:
<blockquote>
The enemies of our currency &amp; the so-called structured currency are:
1. Excessive printing of money &amp; excess liquidity caused by command agriculture; wrong financing model on roads &amp; key infrastructures;
2. A dominant informal sector which is governed by informal rules &amp; has no regard for govt policies – the informal sector has its own governor, mattress bank, minister of finance, etc
3. devastating drought &amp; subdued commodity prices which have a combined effect of reducing the availability of USD liquidity
4. unresolved confidence crisis caused by loss of capital/pensions/savings/insurance/investments as a result of incessant currency collapse &amp; currency crisis
5. lack of policy clarity – our economic problem is centred around structural rigidities which require structural policies (industrial, trade and agricultural policies). We haven’t seen much activities &amp; media coverage on these policies in the same way we have seen visibility &amp; pronouncements on monetary &amp; fiscal policies. In short, our structural policies are not up to scratch.
6. drought of production – the best way to defend our currency is to institute policy measures and conditions that promote a productive economy (e.g., sound structural policies, working markets, market-led economy, sound financial sector, stable political environment powered by rule of law, constitutionalism and strong institutions).
7. Broken politics – we have invested so much energy in disunity &amp; hate speech instead of fostering peace, unity, tolerance and love. We are allergic to national dialogue, social contracts, divergent views, etc. Ironically, we expect to see flawless implementation of public policies and attainment of the desired economic goals when we are divided.
Structured currency = bond note, gold coins/gold token/ZiG. Bond note &amp; ZiG were/are local currencies backed by USD &amp; gold, respectively but failed dismally because of the reasons I mentioned above.
This is why I am convinced that a local currency or structured currency will always fail as long as the factors raised above are not adequately addressed.
</blockquote>
Businessman Kuda Musasiwa characterised the structured currency as a “mubobobo” currency, referring to a traditional medicine acquired by men that allegedly enables them to rape women without any physical contact. He wrote:
<blockquote>
I have never physically touched a $50 note in Zimbabwe. I’ve seen it on Twitter. I ain’t never seen a real gold coin from RBZ. I saw it on Twitter.
Not even when I jumped on a combi from Hatcliffe to Helensvale did I see anyone pay in a local note? I’m in tech and I have NEVER experienced a ZiG.
I tell you NOT one lie, PaDust in Hatcliffe, when we pick up our daily cash from the ladies who horder from the Fresh Farm every morning, not ONE has offered to pay in ZWLs in the whole of 2024 and we are now 4 months in.
I can admit that sometimes in the Trade centre some guys will offer to “swipe” for me when shopping … Offering a better “rate”. But my maths is bad and can’t be fucked most of the time to even bother.
Don’t even know how they work. 🤣These are fictional currencies. Like the one coming. How are our leaders so out of touch?
Mubobobo currencies.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Enemies Of Zimbabwe Dollar, Structured Currency - Prof Mugano

On Thursday, President Emmerson Mnangagwa decided to retire Reserve Bank of Zimbabwe (RBZ) governor John Mangudya a month ahead of schedule. This move was aimed at providing space for his successor, John Mushayavanhu, to issue a long-awaited Monetary Policy Statement (MPS), as reported by <a href="https://www.newsday.co.zw/local-news/article/200024983/why-mnangagwa-cut-short-mangudyas-reserve-bank-stay">NewsDay</a>.
Mushayavanhu is anticipated to devise new strategies to stabilize the economy, which is grappling with surging inflation and significant depreciation of the local currency.
According to NewsDay, a source revealed that Mnangagwa found himself compelled to take action after prematurely disclosing the government’s intentions to introduce a structured currency. Said the source:
<blockquote>
It would not have made sense to allow Mangudya to release a Monetary Policy Statement (MPS) when he will be leaving office in a month.
In addition, monetary authorities were under pressure to release the MPS after President Mnangagwa jumped the gun by announcing plans for a structured currency. The announcement caught everyone by surprise.
</blockquote>
Next week, Mushayavanhu is set to unveil the highly anticipated Monetary Policy Statement (MPS), wherein he will delve into the structured currency—a potential long-term remedy for the woes faced by the Zimbabwe dollar.
On Thursday, Deputy Minister of Finance, Economic Development, and Investment Promotion, Kudakwashe Mnangagwa, alluded to forthcoming measures aimed at shoring up the local currency.
Posting on the Ministry’s X page, Mnangagwa advised Zimbabweans against disposing of the Zimdollar. He wrote:
<blockquote>
We have been receiving enquiries about the surge in the exchange rate, which right now can be attributed to the anxiety and anticipation of the upcoming Monetary Policy Statement which is around the corner.
If I were to irresponsibly give unsolicited advice, I would urge Zimbabweans with their hard-earned ZWL not to hedge against it.
Government is committed to ensuring that there will be no loss of value through the introduction of currency stabilisation measures.
</blockquote>
In a notice published in the Government Gazette yesterday, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said:
<blockquote>
It is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act [Chapter 22:15] appointed John Mushayavanhu as the governor of the Reserve Bank of Zimbabwe for a period of five years beginning on March 28, 2024 and ending on March 27, 2029.
</blockquote>
In December 2023, Mnangagwa appointed Mushayavanhu as Mangudya’s successor. His official start date was May 1, immediately following the end of Mangudya’s term.
Mangudya’s term was scheduled to conclude on April 30, at which point he would transition to his new role as the Chief Executive Officer of the Mutapa Investment Fund on May 1.
Mushayavanhu faces the formidable challenge of halting the Zimdollar’s rapid depreciation. Over the past three months, it has plummeted by more than 250%, and last year alone, the local currency depreciated by a staggering 700%.
Despite previous efforts, the government’s measures to stabilize the local currency have proven ineffective.
Back in 2022, when the government introduced gold coins to absorb excess local currency, the Zim dollar was trading at a rate of US$1 to ZWL$2,000 on the parallel market.
By yesterday, March 28, 2024, the parallel market rate had surged to ZWL$30,000 per US$1.
The depreciation of the currency has driven up prices, resulting in annual inflation skyrocketing to 55.3% in March from 47.62% in February.
Interestingly, inflation has continued to rise even though more than 80% of transactions now occur in United States dollars.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Here Is What Prompted Mnangagwa To Cut Short Mangudya’s RBZ Tenure

Deputy Minister of Finance, Economic Development, and Investment Promotion, David Kudakwashe Mnangagwa, has addressed growing concerns over the sudden surge in Zimbabwe’s exchange rate.
In a statement issued this Thursday, March 28, Mnangagwa said the delay in releasing the monetary policy statement (MPS) has fuelled anxiety and curiosity among citizens.
Mnangagwa said Zimbabweans who hold the local currency should avoid hedging against it to protect themselves from potential losses adding that the government remains committed to maintaining currency stability. Reads the statement:
<blockquote>
We have been receiving enquiries about the surge in the exchange rate, which right now can be attributed to the anxiety and anticipation of the upcoming Monetary Policy Statement which is around the corner.
If I were to irresponsibly give unsolicited advice, I would urge Zimbabweans with their hard-earned ZWL not to hedge against it.
Government is committed to ensuring that there will be no loss of value through the introduction of currency stabilisation measures.
</blockquote>
Examples of currency hedging include currency forward contracts, which are straightforward agreements to exchange a specific amount of one currency for another at a predetermined exchange rate on a future date.
Critics say the Zimbabwean economy is akin to an aeroplane on autopilot — nobody knows where it is headed or where it will land.
The southern African country is grappling with hyperinflation, currency instability, company closures, job losses, and power shortages, among a myriad of other challenges.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Committed To Saving Zimbabwe Dollar, Says Kuda Mnangagwa

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

In less than two months, the Zimbabwean dollar has crossed a notable threshold, falling below 20,000 against the US dollar. This decline occurred after it had previously dropped below the 10,000 level in late January, as reported by <a href="https://www.bnnbloomberg.ca/battered-zimbabwe-currency-falls-past-20-000-per-dollar-in-official-trade-1.2050434">Bloomberg</a>.
On Friday, March 22, the Zimbabwean dollar was trading at 20,389 per greenback, indicating a cumulative decline of 70% since the beginning of the year. This places it among the world’s currencies with the poorest performance.
The decline in the local currency’s value has not elicited a strong reaction from fiscal or monetary authorities, except for their acknowledgement that they are actively developing a “structured currency”.
While the specific form of the structured currency remains uncertain, there is speculation that it could be backed by gold.
The Reserve Bank of Zimbabwe (RBZ) has delayed the release of its monetary policy statement while the currency plans are being drafted.
Michael Ashley Schulman, chief investment officer and partner at Running Point Capital Advisors said that the postponement has caused anxiety locally, but most outside investors have already abandoned Zimbabwe’s currency. Said:
<blockquote>
The major concern for people in the country is that if Zimbabwe does switch to a gold-backed currency, they will do it at an exchange rate favourable to the new currency and unfavourable to citizens, thus leading to a further last-minute devaluation. In other words, if you have Zimbabwean dollars, you want to spend them as quickly as possible on something tangible.
</blockquote>
However, having a gold-backed currency won’t necessarily stop future devaluations from occurring, Schulman added.  He said, “The government can still print money and change its currency ratios.”
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar In Freefall, Breaches 20,000 Per Dollar In Official Trade

Zimbabwean retailers are currently grappling with restocking locally produced goods due to currency-related challenges.
As reported by <a href="https://www.newsday.co.zw/local-news/article/200024355/shortages-loom-as-basics-disappear-from-shelves">NewsDay</a>, manufacturers and wholesalers are favouring transactions in United States dollars (USD), which has led to difficulties for retailers buying in the local currency.
The Zim dollar has experienced significant depreciation against the USD, prompting discussions about the potential full dollarization of the economy.
As a result, retailers have encountered prolonged periods without the supply of essential locally produced commodities. Critical shortages of items like sugar have been reported.
Speaking to NewsDay, Denford Mutashu, the president of the Confederation of Zimbabwe Retailers, said that the supply chain for basic commodities has become dollarized.
Mutashu said this situation has left retailers who buy in local currency facing difficulties in maintaining their stock levels. He said:
<blockquote>
The biggest challenge is the currency that one uses to source products at the procurement level.
Manufacturers do not want the local currency. Generally, the appetite for the US$ in the market is high.
The supply chain is 90% dollarised, and for the formal stores, it becomes very difficult because they are the only ones that are still selling to the customers in local currency.
So, with a huge local currency balance, running a retail business in this current environment is difficult.
Manufacturers also indicate that most of their suppliers for raw materials or services are demanding payment in US$ and that is why they demand US$ when they sell their products.
It’s a glitch that is happening. That is why most formal retail shops are failing to stock up. Those products are in the informal market.
</blockquote>
As of 14 March 2024, the Zim dollar was trading at 1:17 830 against the United States dollar at the interbank market and 1:18 500 in supermarkets, while it stood at 1:20 000 on the parallel market.
Meanwhile, Consumer Council of Zimbabwe (CCZ) director of corporate affairs Philemon Chereni said that prices of goods and services had gone down in US$ terms as operators were offering discounts to encourage foreign currency transactions.
Chereni said the cost of living for a low-income urban-earner family of six, as measured in USD, decreased by 1% from US$551.38 to US$544.71.
He said the stability of the basket’s overall cost is partially attributed to the discounts applied when paying in USD.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Manufacturers Do Not Want Zim Dollar, Supply Chain Is 90% Dollarised - Retailers

Finance, Economic Development and Investment Promotion Minister Mthuli Ncube says he soon will announce new interventions to deal with the recent volatility affecting the Zimbabwe dollar.
Speaking to <a href="https://www.sundaymail.co.zw/fresh-measures-to-prop-up-zimdollar">The Sunday Mail</a>, Ncube attributed the weakening of the local currency in the past few weeks to speculative behaviour and scarcity of hard currency in the market during “this high-demand season”.
He said the measures to prop up the ailing currency may include reforming the foreign currency auction system. He said:
<blockquote>
Currency volatility is being caused by speculative behaviour in the market and a shortage of foreign currency during this high-demand season.
The government will be taking further fiscal and monetary policy measures, which may include auction redesign to deal with the volatility.
The government will also increase the supply of foreign currency at a time when demand for it is high.
</blockquote>
The Zimbabwe dollar has lost significant ground to the United States dollar during the first three weeks of 2024.
The street rate weakened from US$1:$9 800 during the last week of December to US$1: $13 000 last week.
On the official market, the rate stood at US$1: 5 903 on 29 December and has since declined to US$1: $8 331.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Set To Announce New Measures To Stabilise Zimbabwe Dollar

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).
<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>

Zimbabwe Dollar Moves To $5 774.28 Against The US Dollar

The Zimbabwean government has stated that it will announce a clear and transparent plan to move away from using the United States (US) dollar in order to prevent any negative impacts on the economy and to avoid further hardships for its citizens.
Originally, the country was planning to end the use of the US dollar and other foreign currencies in 2025, as they currently coexist with the local currency. However, President Emmerson Mnangagwa has extended the deadline to 2030.
In 2019, the government reintroduced the local currency after a ten-year period of using the US dollar. However, the local currency has struggled to maintain its value. As a result, some businesses have started pricing their goods and services exclusively in US dollars to protect themselves from potential losses. Additionally, banks have stopped lending in US dollars to prevent financial losses.
Deputy Finance Minister Kudakwashe David Mnangagwa informed lawmakers that the government is engaging in extensive consultations with stakeholders and will keep the markets informed about the de-dollarisation strategy. He said:
<blockquote>
As government and as Treasury, we are committed to coming up with a roadmap. The road to de-dollarisation will not be an event, but rather a process.
You find that there are measures that the country is putting in place. This is part of the de-dollarisation programme.
After thorough consultations with all stakeholders, the market will come up with a published roadmap that will be available to all, but to answer in a nutshell, there is no definitive date, it is going to be a process.
</blockquote>
Mnangagwa, who is the son of the President of Zimbabwe, stated that the transition to a single currency will happen gradually and will not be sudden or abrupt. He mentioned that there has been some stability in the currency exchange rate and prices, thanks to the policies in place by the Treasury. These policies aim to sustain stability and prevent sudden increases in the exchange rate that can lead to inflation.
However, Mnangagwa acknowledged that the local currency, the Zimbabwe (Zim) dollar, is vulnerable to attacks from economic predators. He mentioned that during the bonus season, there may be individuals who try to take advantage of civil servants’ salaries.
Zimbabwe switched to using the US dollar in 2009 after the collapse of the local currency during a period of hyperinflation. Attempts to return to using the Zim dollar exclusively have caused market concerns and affected exchange rate stability.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Deputy Finance Minister Mnangagwa Says Govt Will Announce Clear Plan On De-dollarisation

Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said that he will prioritise stabilising the Zimbabwe dollar when he announces the 2024 National Budget later this month.
Ncube told <a href="https://www.sundaynews.co.zw/government-to-prioritise-zimbabwe-dollar-stability/">State media</a> that the $44 trillion 2024 national budget will anchor the next phase of the National Development Strategy 1. Said Ncube:
<blockquote>
The budget is running under the theme of consolidating economic transformation. The economy has gone through considerable transformation over the last five years.
So, under this budget of about $44 trillion, we want to target specific areas.
The first area is stability; the budget must speak to stability, such as currency stability, which we need in order to develop.
The second is infrastructure development, right across water infrastructure, roads, energy and particularly rail infrastructure.
In this budget, we will allocate funds for the resuscitation of rail infrastructure.
</blockquote>
He said funds will also be appropriated for value addition in mining, agriculture and manufacturing.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

$44 Trillion 2024 National Budget To Prioritise Zim Dollar Stability - Mthuli

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

President Emmerson Mnangagwa said that Zimbabwe will revert to the use of the local currency as the sole legal tender and dump the multi-currency regime to accelerate economic growth.
According to Statutory Instrument (SI) 118A of 2022, the local currency and a basket of foreign currencies shall be in use until December 2025.
The SI which introduced the multi-currency regime is titled Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations 2022.
Addressing delegates to the 9th CEO Africa Roundtable Conference in Victoria Falls on Thursday, 12 October, Mnangagwa said the country should revert to the exclusive use of the local currency even if it may cause suffering for some time. The <a href="https://www.chronicle.co.zw/zim-to-revert-to-local-currency/">Chronicle</a> quoted him as saying:
<blockquote>
In 2009, our domestic currency collapsed and our former President Mugabe appointed a committee of five people which I chaired to look into the currency issue.
We agreed that for us to survive we had to create a basket of currencies and allow our currency to die.
It could have been a wrong decision but that is what happened in 2009. We allowed the basket of currencies and that saved the economy, and we went in that situation for a long time.
So, we decided to introduce our own currency but still our currency continues to be fought.
However, we have to go through this cycle where as a country we must have a currency that we call our own.
We must bite the bullet, whether it gives us some suffering for a period, we shall proceed to have our own currency, not a situation where the economy has a regime of currencies in use, we want a single currency and we are going there.
</blockquote>
Mnangagwa made the remarks while responding to participants at the 9th CEO Africa Roundtable Conference who inquired about the way forward in view of the projected expiry of the multi-currency regime in 2025.
Reports indicate that the US dollar now accounts for over 76 percent of domestic transactions.
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Zimbabwe To Reintroduce Local Currency, Says President Mnangagwa

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 Zimbabwean dollar has weakened against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 6, 2023. The USD was sold at a rate of ZW$4,647.9681, compared to ZWL$4,604.62 on August 29, 2023. This follows previous rates of ZW$4,571.29 on August 21 and ZW$4,573.77 on August 18. The majority of foreign currency obtained from the auction was utilised for purchasing raw materials, followed by machinery and equipment.
While the Zimbabwean dollar has been strengthening against the USD in recent months, this latest development indicates a shift in the trend. Authorities attribute the strengthening of the Zimbabwean dollar to the government’s implementation of measures to stabilise the economy and the local currency. These measures included restricting foreign currency in local transactions, and making the Zimbabwean dollar the sole legal tender for certain domestic transactions like taxes. This resulted in a reduction in money supply in the market. However, this reduction has been viewed by some analysts as intentional hoarding by authorities to create an artificial shortage.
Although the Zimbabwean dollar has shown recent stability, its long-term sustainability remains uncertain. Previous attempts to reintroduce the local currency have been met with limited success due to a lack of public confidence following the hyperinflation experienced in 2008 and subsequent policy changes resulting in monetary losses.
There are predictions that the local currency may further devalue after the recent harmonized elections held on August 23-24, 2023, which saw the ruling ZANU PF party secure victory. The future role of the United States dollar in Zimbabwe’s currency system also remains unclear.
In his inauguration speech, President Emmerson Mnangagwa emphasized the importance of a national currency for development, <a href="https://www.pindula.co.zw/2023/09/05/mnangagwa-hints-at-strengthening-the-zimbabwean-dollar/">hinting at a preference for the Zimbabwean dollar as the sole currency</a>. He also expressed a focus on utilising internal resources to foster economic growth. The evolving situation will determine the future direction of the country’s currency system.
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Zimbabwean Dollar Weakened Against USD At Reserve Bank Auction On 6 September 2023

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

CCC leader Nelson Chamisa said that if his party gets into government, he will, “for a short period” of time, maintain the multi-currency system with the US dollar as the dominant currency.
Chamisa said the multi-currency regime will be a stop-gap measure as the economy transition to a new local currency.
The former ICT Minister said Zimbabwe’s currency will be stronger than the British pound as his government will restore confidence in the economy, which he said is a pre-requisite for a stable currency.
He was addressing party supporters at Muchakata Business Centre in Masvingo Central Constituency. <a href="https://tellzim.com/chamisa-promises-to-scrap-cala-school-exam-fees/">TellZim News</a> quoted Chamisa as saying:
<blockquote>
When we get into power, we need to fix the economy, but to do that we need to address the issue of currency.
We will use a basket of currency but mainly USD but that will be for a short period.
We will then introduce our currency which is stronger than the Pound, Deutsche M9ark, Yen and Yuan.
It’s possible and what makes the currency stronger is the type of leadership.
</blockquote>
Chamisa also pledged to ensure that the Continuous Assessment Learning Activities (CALA) is scrapped and a new education curriculum that captures the views of stakeholders is adopted.
He said under a CCC government, parents and guardians will not pay schools for their children from ECD to Grade 7, and at Advanced Level, while ZIMSEC examinations fees will be scrapped for Grade 7, O’ Level and A’ Level.
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Chamisa Promises To Introduce A New Currency

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.
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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

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.
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Zimbabwe Dollar Official Rate Now $4 998 To The US Dollar

There is a serious shortage of the Zimbabwe dollar in the economy which captains of industry and economists say will reduce production capacity and affect aggregate demand.
The liquidity squeeze follows recent fiscal and monetary policy measures to suck out liquidity in the market to stabilise the exchange rate and prices.
The Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told <a href="https://businesstimes.co.zw/zim-dollar-shortage-hits-market/">Business Times</a> that the liquidity crunch has reduced production capacity and aggregate demand. He said:
<blockquote>
There is a liquidity challenge in the economy and what the liquidity challenge does is depresses aggregate demand as there is no traffic in the shops and at the industries.
We are happy that things have stabilised but with this squeeze, we are failing to make payments for other services because there is no ZWL$ in the market and this has reduced our production capacity.
What it means is less cash in the markets, less product off-take so it means production will go down because companies can’t produce stock as they have no funds.
We, however, hope that this would be temporary and not a long-term solution so that business goes back to normal.
</blockquote>
The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu said in the past two weeks there has been an increase in US dollar sales but the Zimbabwe dollar sales have significantly decreased.
Economist Gift Mugano said the government has stopped pumping money into the market resulting in a shortage of the local currency.
He added that this confirms the long-held belief that government is the biggest driver of inflation.
Due to the liquidity crunch, the Zimbabwe dollar significantly recovered this week and was 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.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Captains Of Industry, Shops Bemoan Zimbabwe Dollar Shortage

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

Former Chivi South MP, Killer Zivhu (ZANU PF) has claimed that villagers now prefer barter trade than accept payment for their products in Zimbabwe Dollars.
Zivhu, who was expelled from ZANU PF after he called for dialogue between President Emmerson Mnangagwa and CCC leader Nelson Chamisa, also said touts now measure the local currency in kilogrammes. He said:
<blockquote>
Manga muchiziva here kuti kumamisha, vava kuti marara RTGs, hanzi noumwe Hwindi chingopekai Bond muma 1kg, kombi yava kuita 1kg bond, mumwe muchembere hanzi zviri nani, kundipa 2kg ye sugar ndokupa mugomo we mbambaira, mari inorambiwa chero ne benzi hanzi haitengi. (Did you know that villagers are now saying the Zimbabwe Dollar is now rubbish? One kombi tout said pack ZimDollar notes in 1kg packs because a ride now costs a kilogramme of Zimbabwe dollars. An elderly woman said it is better to give her a 2kg packet of sugar for her bucket of sweet potatoes. Imagine, a currency that even a madman rejects!
</blockquote>
Some manufacturers are reportedly refusing payment in Zimbabwe dollars for some products which are now exclusively available in foreign currency.
The Zimbabwe dollar has been in free-fall over the past few months after the Government tweaked the forex auction system.
Last week, the RBZ set the official exchange rate at US$1: ZW$5 900 while the street rate was hovering at US$1: ZW$9 000.
However, some large retailers were using at least US$1: ZW$10 000 for selected products.
Popular fast-food outlets were rejecting the local currency on the pretext that their point-of-sale machines were not working and therefore could not accept swipe and EcoCash payments.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Even Madmen Now Rejecting Zimbabwe Dollar - Zivhu

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

Some retailers are reportedly refusing payment in the local currency or limiting the number of items people can buy in Zimbabwe dollars, which they say has become very unstable.
The Zimbabwe dollar was reintroduced in 2019 after a decade of the multicurrency system but it has been depreciating alarmingly.
On the parallel market, the Zim dollar is trading between $2 100 and $2 200 to the greenback, and US$1 036 on the official market.
Some retailers in Harare are reportedly limiting the number of items one can buy using Zimdollars.
The products include cooking oil, meat, mealie-meal, rice and beverages. Some shops are selling the products exclusively in US dollars.
An official at one of the country’s leading meat suppliers who spoke to <a href="https://www.newsday.co.zw/local-news/article/200010769/alarm-as-businesses-ditch-zimdollar">NewsDay</a> on Thursday on condition of anonymity said:
<blockquote>
There are some businesses trying to take advantage of the fact that we are selling in local currency to come to dump their Zimdollar stock and then sell the meat or merchandise they buy from us in US dollars.
This has become prevalent, so to dissuade this practice we are limiting stocks on certain products.
</blockquote>
Finance and Economic Development Deputy Minister Clemence Chiduwa told NewsDay that the Financial Intelligence Unit (FIU) was monitoring developments in the retail sector. He said:
<blockquote>
We are getting reports that some supermarkets are demanding payment for certain products exclusively in US dollars.
The Bank Use and Promotion Act applies the same way as trading in the parallel market.
This is illegal and all operators are urged to abide by the laws. We are closely monitoring the market delinquency and deviance which is a violation of the law.
The FIU is taking appropriate action against those who are exclusively accepting USD on certain products.
The continued depreciation of the Zimdollar is due to inflationary expectations mainly driven by parallel market rates.
The resultant instability due to chasing rates is negatively affecting all of us.
Market players should focus on production and the generation of forex.
</blockquote>
Meanwhile, Delta Beverages spokesperson Patricia Murambinda, told NewsDay the company was not responsible for the actions by retailers in charging its products exclusively in US dollars.
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Some Businesses Reject Zimbabwe Dollar

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