Zimbabwe Official Exchange Rate Moves To $65.88 As Zimbabwe Dollar Depreciates Slightly

RBZ Speaks On Devaluing Zimbabwe Dollar

Zimbabwe Official Exchange Rate Moves To $65.88

RBZ Speaks On Devaluing Zimbabwe Dollar

 

The official foreign exchange rate for the United States Dollar (USD) to the Zimbabwe Dollar has now moved to US$1: ZWL$65.88. This comes after the country held the third edition of the Reserve Bank of Zimbabwe’s forex auction system on Tuesday.

The highest bid rate was ZWL$90:USD 1 while the lowest bid was ZWL$30.00: USD 1. However, the lowest bid rate which was actually accepted was ZWL$55:USD 1. This resulted in a weighted average of ZWL$65.8765: USD 1, a slight increase from last week’s ZWL$63.74: USD 1.

Last week’s edition of the forex auction system saw the official exchange rate move from ZWL$57.36 for every USD to ZWL$63.74 for every dollar.

A total of US$15 872 481.93 was received in bids and US$13 602 407.84 was successfully allotted. This means that 86 per cent of the bids managed to get the foreign currency they needed.  However, the US$13.6 million which was successfully allotted is a decrease from last week’s total allotment of US$16 321 028.61.

 

This week the manufacturing sector came through with the highest allotment at $5,6 million.

Below is how the rest of the money was allotted.

 

Purpose Amount Allotted
Manufacturing 5,621,578.86
Retail and Distribution 1,936,463.70
Services 1,864,916.71
Agriculture 1,089,108.24
Construction, Engineering and Electricals 1,036,653.18
Energy (Gas) 575,421.34
Paper and Packaging 468,800.00
Consumables (Spares and Parts) 438,423.46
Pharmaceuticals and Chemicals 411,042.35
Mining 160,000.00
Total 13,602,407.84

 

 

So far the RBZ’s foreign currency auction system appears to be on the right trajectory as it has resulted in  a stabilization of the foreign currency exchange rates on the black market.  Prior to the introduction of the forex auction system the black market was spiralling out of control which resulted in prices shooting up and inflation going through the roof.


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