Zimbabwe Sells USD At ZW$4.5K At RBZ Forex Auction
The Reserve Bank of Zimbabwe has reported that one United States Dollar (USD) was sold at ZW$4,517.1359 at the wholesale foreign currency auction held on 27 July 2023 in Harare.
The central bank also reported that it accepted bids worth USD 14,226,060.00 which was allotted.
To stabilize the macroeconomy and the local currency, the government introduced a range of measures. These measures include levying taxes in Zimbabwean dollars which created demand for the local currency.
The government also made it mandatory for all government agencies, including parastatals, to collect their fees in local currency. Additionally, the Finance Minister directed non-exporters to pay their bills to the Zimbabwe Electricity Supply Authority (ZESA) in local currency. Furthermore, all customs duties are now payable in local currency, except for designated or luxury goods, and in cases where the importer chooses to pay in foreign currency.
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By requiring fees and bills to be paid in local currency, the government aims to increase demand for the Zimbabwean dollar, which could help to stabilise its value. This move also reduces the demand for foreign currency, which is essential for importing goods that are not available locally.
The government hopes that these measures will help to stabilise the economy and improve the value of the Zimbabwean dollar. While the Zimbabwean dollar recently strengthened, it remains to be seen how it will perform in the long term.