Zimbabwe Official Exchange Rate Jumps To Z$63.7 Following Forex Auction

RBZ Now Says ALL FUEL Can Be Sold In United States Dollars

Zimbabwe Official Exchange Rate Jumps To Z$63.7 

Zimbabwe Official Exchange Rate Jumps To Z$63.7


The official foreign exchange rate for the United States Dollar (USD) to the Zimbabwe Dollar has now moved to US$1: ZWL$63.74. This comes after the country held the second edition of the Reserve Bank of Zimbabwe’s forex auction system. The inaugural edition of the forex auction system was held last week and saw the official exchange rate move from ZWL$25 for every USD to ZWL$57.36 for every dollar.

The weighted average of ZWL$63.74 for every US dollar, will be the official exchange rate until the next auction next week Tuesday. US$16.32 million dollars was allocated to buyers with the highest bid coming in at ZWL$92 while the lowest bid came in at ZWL$37.82.

Compared to last week, there was a huge improvement of 57 per cent in the total amount allocated. Last week, US$10.34 million was traded on Tuesday. There was also an improvement in the lowest bid offered, with this week’s   ZWL$37.82 comparing favourably against last week’s ZWL$25.5.  However, there was a decrease in the highest bid which came at ZWL$92, 8 per cent lower than last week’s highest bid of ZWL$100.

A total of $18,95 million bids was received and $16,32 million was successfully allotted. 86 per cent of the bids managed to get the foreign currency they needed. Raw materials came through with the highest allotment at $7,2 million.

This means that the government will also be increasing the fuel price tonight.  Last week, the Zimbabwe Energy Regulatory Authority (ZERA) announced that the price of fuel will be adjusted on a weekly basis, as the authorities track the exchange rate. Price increases are also likely to follow.


Zimbabwe Official Exchange Rate Jumps To Z$63.7
Zimbabwe Official Exchange Rate Jumps To Z$63.7

Articles You May Want To Read,


  • How To Never Miss IHarare Latest News On Your News Feed Following Facebook’s New Algorithm
  • IMPORTANT NOTICE:Access LIVE News, Jobs and Exchange rates directly on WhatsApp. Send a WhatsApp message with the word HIE to +263718636522 or just CLICK HERE to try it out. iHarare is now a information one-stop-shop. Please click on the links highlighted in Red to access News, Events, Jobs, Pricecheck, Classifieds, Dating and Education services by iHarare.For any queries contact us by CLICKING HERE .

    The post Zimbabwe Official Exchange Rate Jumps To Z$63.7 Following Forex Auction appeared first on iHarare News.