Logistics Supervisor (Gwanda)

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Full-time Lecturer: Educational Administration/Management x2 (Gweru Campus)

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Lecturer/ Senior Lecturer/ Associate Professor/ Professor: Soil Biology And Fertility

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Sports Director

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Internal Auditor

Chief Security Officer

Director, Information And Communication Technology

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2024 Intake

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.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F69Bo5lXUAAN0aK?format=jpg&amp;name=4096x4096"/>
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Pindula News

Zimbabwe Dollar Official Rate Moves To $5 252 Per US$1

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.).
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F4sdi50XsAAYNbe?format=jpg&amp;name=4096x4096"/>
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Zimbabwe Dollar Official Rate Moves To $4 604 Per US Dollar

Finance Minister Mthuli Ncube has emphasised the need for immediate policy actions to mitigate the substantial risk associated with the instability of exchange rates. 
In his 2024 Budget Strategy paper released last week, Ncube highlighted the impact of such volatility on revenue collection, expenditures, debt service, and budgetary pressure caused by inflation resulting from exchange rate depreciation. Ncube said:
<blockquote>
Exchange rate volatility has been a major source of risk in the recent past, affecting revenue collection, expenditures and debt service, particularly for those items denominated in foreign currency.
To the extent that exchange rate depreciation feeds into domestic inflation, thus generates pressure on prices on the budget. In the absence of policy interventions, a 1% depreciation of the Zimbabwe dollar against the US dollar widens the fiscal deficit by about 0,1% of GDP (gross domestic product).
Government will continue to strengthen the value for money audits measures and plug loopholes in the existing procurement systems to ensure that MDAs (ministries, departments and agencies) are not overcharged in respect of payments for goods and services as well as regulate the market, having observed that some of the suppliers or contractors were manipulating the foreign exchange market.
</blockquote>
According to the World Bank, Zimbabwe’s economy was valued at US$20.68 billion at the end of 2022, indicating that a 1% exchange rate depreciation could lead to a fiscal deficit widening of approximately US$20.68 million.
Ncube further explained that the government had implemented various measures to address the risk, including weekly wholesale foreign currency sales to commercial banks. He stated that the medium-term expenditure framework aimed to limit spending to available resources and maintain the fiscal deficit below 3% of GDP.
The Treasury set a budget deficit target of ZW$2.3 trillion (US$504.85 million), equivalent to 1.5% of GDP, for 2024. Ncube highlighted the challenge of a rising wage bill and commitments to foreign currency-denominated expenditures, which crowded out funding for social sectors and infrastructure development. Wages, procurement, social needs, infrastructure spending, and climate shocks were identified as major government expenses that could increase further if the local currency depreciated.
Ncube pledged to implement value-for-money programs, increase transparency in the wage bill, adhere to the approved budget, and penalise overspending. The recent fiscal and monetary measures aimed to stabilise the foreign exchange market and align formal and informal exchange rates by addressing excess liquidity and promoting local currency usage.
Ncube mentioned the increase in money supply as a cause of local currency depreciation and emphasized the importance of tax administration initiatives to enhance compliance and revenue collection. The government also planned to review concessions and contracts and adjust fees and charges to improve revenue collection.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Finance Minister Urges Immediate Policy Actions To Reduce Risk Of Exchange Rate Instability

The Zimbabwe Dollar marginally depreciated against the United States Dollar on the Reserve Bank of Zimbabwe wholesale foreign currency auction on Wednesday, 16 August.
After Wednesday’s wholesale auction, the Zimbabwe dollar lost ZWL$17.76 to average ZWL$4 577.50 from ZWL$4 559.74 per US Dollar last week.
Yesterday, 13 bids were received, and all 13 bids were accepted and received allotments.
The total value of bids accepted was US$18,854,776.00 and a similar amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,600.0000 while the lowest bid rate was ZWL$4,559.0000.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F3qEAALXAAEAu-P?format=jpg&amp;name=large"/>
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Zimbabwe Dollar Official Rate Now $4 577 Per US$1

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.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F14EGPHXgAAvWxF?format=jpg&amp;name=4096x4096"/>
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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>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F1d5RQ-XwAEywYZ?format=jpg&amp;name=900x900"/>
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Zimbabwe Dollar Official Rate Now $4 537 Per US$1

The Zimbabwe dollar on Tuesday, 18 July firmed against the US dollar on the Reserve Bank of Zimbabwe (RBZ) forex auction to ZWL$4,771.3854 from ZWL$4883.8208 per US$1.
On Friday, 14 July, the weighted average rate was ZWL$4883.8208, on 11 July, it was ZWL$4 998.8352, and on 06 July, the rate was ZWL$5 251.0640.
Today, 15 bids were received, and all 15 bids were accepted and all the bids were allotted.
The RBZ said that the total value of bids accepted was US$11,597,990.00 and the same amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4.900.1547 while the lowest bid rate was ZWL$4 400.0000.
The central bank also said all bids within the pre-announced amount were allotted in full.
It added that all bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F1UrVmUagAIGogw?format=png&amp;name=small"/>

Zimbabwe Dollar Official Rate Firms To ZWL$4 771 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.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F1AC0pNXoAI6h8A?format=jpg&amp;name=900x900"/>
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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.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F0wXSlDXoAI5Y1P?format=jpg&amp;name=4096x4096"/>

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

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

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 International Monetary Fund (IMF) has urged Zimbabwe to fully liberalise the foreign-exchange market to allow the rate to be determined by market forces.
According to a <a href="https://www.bnnbloomberg.ca/imf-wants-zimbabwe-to-take-further-steps-on-currency-reforms-1.1931949">Bloomberg</a> report, the IMF said the credibility and effectiveness of Zimbabwe’s currency reforms will depend on the “swift resolve” to liberalise the foreign exchange market.
Last week, the Reserve Bank of Zimbabwe (RBZ) loosened its grip on the foreign-exchange market but stopped short of free-floating the Zimbabwe dollar.
The central bank announced it will pursue a “market-determined” exchange rate instead of relying on a weekly auction, in a bid to tame price and exchange rate volatility.
The RBZ however said it will maintain “parameters” which include setting the floor price for dollar sales and the sale of foreign currency to banks for onward sale to their clients, in order to establish an interbank market.
In an emailed response to questions from Bloomberg, an IMF spokesperson said the recent measure by authorities aimed at establishing an interbank market is welcome, adding:
<blockquote>
However, the parallel rate continues to depreciate… A convergence of the official and unofficial exchange rates is possible if the authorities accelerate the liberalization of the foreign exchange market, address the Reserve Bank of Zimbabwe’s quasi-fiscal operations to mitigate liquidity pressures and maintain an appropriately tight monetary policy stance to durably restore macroeconomic stability and ensure social stability.
</blockquote>
A Zimbabwe dollar trades on the interbank market for 5 487 per US dollar, while the street rates on Monday ranged between 6 200 to 6 700 Zimbabwe dollars per greenback according to ZimPriceCheck.com.
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IMF Wants Zimbabwe To Fully Liberalise Foreign Exchange Market

Economist Professor Gift Mugano says the measures announced by the Reserve Bank of Zimbabwe (RBZ) on 06 June to address the recent volatility in the exchange rate and prices of goods and services in the economy are commendable but came too late.
In a statement issued on Tuesday, RBZ Governor John Mangudya said with effect from 7 June 2023, the RBZ “shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall, in turn, sell the foreign currency to their customers.”
Following the announcement, the Zimbabwean Dollar further lost its value against the US Dollar, from ZWL$3 673 on Tuesday to ZWL$4 868 on Wednesday.
Mugano said the new measures should have been introduced in February 2019 when the interbank was introduced. He said:
<blockquote>
We are now implementing the right policies too late. We should have done this on 20 February 2019 when the interbank was introduced. This is too late!
At this rate, wages, pensions, the national budget and capital will be wiped out. Prices will hit the roof. It’s getting worse!
Without any doubt, Treasury has to: urgently revisit the national budget, make an urgent upward review of salaries and pensions, and review the budget for contractors
As these reviews will be done, more liquidity will be poured into the market – adding paraffin on [the fire].
</blockquote>
On Wednesday, 07 June 2023, the RBZ conducted the first Wholesale Foreign Exchange Auction.
19 bids were received from banks, with a total of US$11 180 000 allotted to 10 bids.
The highest bid rate received was 5,020.0000 while the lowest bid rate allowed was 4,500.0000.
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Market-determined Exchange Rate Came Too Late - Prof Mugano

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

The street forex rate has moved to US$1: ZWL$7 000 according to academic <a href="https://wiki.pindula.co.zw/Pedzisai_Ruhanya">Pedzisai Ruhanya</a>, as the local currency continues depreciating at an alarming rate on both the official and unofficial markets.
Posting on the Twitter platform this Wednesday, Ruhanya said the movement of the rate shows that ZANU PF’s economic policies have dismally failed. <a href="https://twitter.com/PedzisaiRuhanya/status/1666298242995216385">He wrote</a>:
<blockquote>
1USD: ZWL$7000 exchange rate clearly shows ZANU PF economic FAILURE. FAILED ECONOMIC POLICY ON DISPLAY.
They can’t rig the economy. Even their new shadowy securocratic hybrid electoral manipulator FAZ cant manipulate the economy.
</blockquote>
On Tuesday, former Finance Minister <a href="https://wiki.pindula.co.zw/Tendai_Biti">Tendai Biti</a> said shops were using the US$1 to ZWL$7000. <a href="https://twitter.com/BitiTendai/status/1666113606813990912">He said</a>:
<blockquote>
This evening some shops are now using a rate of 1US$ to ZWL$7000. Zimbabwe is now at that precipe where the exchange rate is now in the self-fulfilling free fall zone that we saw in 2008.
Sadly they don’t panic &amp; they don’t care. This election is now about saving Zimbabwe, saving livelihoods.
</blockquote>
On the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> auction conducted on Tuesday, the Zimbabwe dollar fell by just over $1 000 to average $3 673.7718 against the US dollar.
The RBZ allotted a total of US$4,987,432.34 down from US$15,266,095.92 allotted last week.
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Shops Now Using US$1 To ZWL$7 000 Street Rate - Biti

The Monetary Policy Committee (MPC) has announced measures to deal with exchange rate and price volatility in the economy. Below is the statement in full:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 6 JUNE 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 6 June 2023 and deliberated on macroeconomic and financial developments in the economy.
The MPC also deliberated on the progress made in the implementation of measures announced by the Honourable Minister of Finance and Economic Development on 11 May 2023 and 29 May 2023, respectively, to address the recent volatility in the exchange rate and prices of goods and services in the economy.
The MPC noted that the prevailing volatility in the exchange rate emanated from both supply and demand side factors.
The supply side factors reflected the transitory reduction in foreign currency inflows, while the demand factors reflected the sustained value-preservation demand for foreign currency in the economy.
In order to complement the measures announced by Government, the MPC resolved as follows:
Supply Side Measures
The following measures shall be implemented to address supply side foreign currency constraints:
i. With effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. This measure is calculated to ensure that the interbank forex market is the primary source for foreign exchange needs in the economy and that the foreign exchange auction system shall continue to operate for meeting smaller requirements for foreign payments and for continuous price discovery. Thus, in order to ensure that the interbank forex market is self-financing the 90-day liquidation requirement on export proceeds will fall away.
ii. The current interbank maximum trading limits shall be reviewed upwards from US$100 000 to US$500 000, consistent with the current auction limits;
iii. The main and MSME auction will be merged under the US$5 million per week policy, with bid limits of a minimum of US$1 500 and a maximum of US$50 000; and
iv. The trading margins charged by banks on foreign exchange transactions will be aligned with international best practices.
Demand Side Measures
To address the demand side factors, the MPC resolved to adopt the following measures:
i. Increasing the Bank policy rate from 140% to 150% per annum, in response to the recent increase in inflation;
ii. Increasing the Medium-term Bank Accommodation (MBA) interest rate from 70% to 75% per annum; and
iii. Increasing the Statutory Reserve Requirements on local currency demand and call deposits from 10% to 15%, while maintaining savings and time deposit requirements at 5%.
The Bank remains committed to continuing with the current tight monetary policy to restore and sustain the exchange rate and inflation stability.
The issuance of gold- backed digital tokens to augment physical gold coins as a value preservation instrument has gone a long way in mopping up excess liquidity from the market.
To date, the Bank has sold to the market ZW$31.8 billion and ZW$35.2 billion worth of gold coins and gold-backed digital tokens, respectively.
The rolling out of digital tokens for transactional purposes in the second phase, which is projected to commence during the month of June 2023, will buttress the current stabilisation measures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>
</blockquote>

FULL TEXT: Monetary Policy Committee Announces Measures To Tackle Exchange Rate Volatility

The Zimbabwe dollar on Tuesday fell by just over $1 000 to average $3 673.7718 against the United States (US) dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ).</a>
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$4,987,432.34 down from US$15,266,095.92 allotted last week, with the bulk of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$829,418.77 down from US$1,782,414.85.
The Main Forex Auction was allotted US$4,158,013.57 down from US$13,483,681.07. 
A total of 298 bids from small businesses and 210 for large firms were accepted.
However, only 82 bids from small businesses and 38 from large firms received allocations from the auction.
The Highest Rate Received on the Small to Medium Enterprises Forex Auction was 4,100.0000 while the Lowest Bid Rate Allotted was 3,500.0000.
On the Main Forex Auction, the Highest Rate Received was 4,100.0000 while the Lowest Bid Rate Allotted was 3,555.0000.
The RBZ said 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 Now $3 673 To The US Dollar

The Zimbabwe dollar on Tuesday fell by nearly $700 to average $2 577.0564 against the United States (US) dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ).</a>
On 30 May 2023, the weighted average was US$1: ZWL$2,577.0564, from US$1: ZWL$1,888.0119 on 23 May.
The depreciation of the Zimbabwe dollar at the last two auctions shows that the central bank is gradually allowing the local currency to float.
Yesterday, the RBZ allotted a total of US$15,266,095.92 up from US$14,166,812.38, with the majority of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,782,414.85 up from US$957,712.91.
The Main Forex Auction was allotted US$13,483,681.07 up from US$13,209,099.47.
A total of 503 bids from small businesses and 344 for large firms were accepted.
However, only 174 bids from small businesses and 129 from large firms received allocations from the auction.
The auction will be disbursing less than US$5 million from next week.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Bids were allotted on a pure Dutch Auction system basis, in line with the Minister of Finance and Economic Development’s statement on refining the Auction System.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate Now $2 577.06 To The US Dollar

Captains of the industry say authorities should overhaul the foreign currency auction system to eradicate arbitrage opportunities that some firms and individuals are using to accumulate cheap US dollars.
This comes after Finance and Economic Development Minister Mthuli Ncube said the foreign currency auction platform will be fine-tuned to close the gap between the official exchange rate and the parallel market exchange rate.
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told <a href="https://businesstimes.co.zw/business-wants-overhaul-of-forex-auction-system/">Business Times</a> that the forex auction system should be overhauled to represent the true Dutch system, which promotes competition among bidders. Said Matsheza:
<blockquote>
There is a need to do a total fine-tuning of the forex auction system to represent the true characteristics of a Dutch auction system.
As we can see, the authorities have done some piecemeal adjustments to the platform but it is still a long way to go to become the real auction platform.
By doing these small changes, we still have a lot of arbitrage opportunities that some firms and individuals are capitalising on to make money.
An improved auction system is a better platform than an interbank where some people just sit down to decide the exchange rate.
This may be the reason why the official rate is 50% lower than the official rate.
</blockquote>
Zimbabwe now has three forex markets namely the auction, interbank and parallel market.
Economist Gift Mugano recently said the forex markets can only converge if authorities follow the real Dutch auction system. Said Mugano:
<blockquote>
They will only converge if they follow the real Dutch auction system where you take the highest bidder price as the benchmark for the auction rather than taking the average price as done by the RBZ.
They must notify people in advance because one can’t bid in the darkness and only if they follow the rules of the real Dutch auction system will they someday converge.
You will see all the exchange rates moving in different directions. The parallel market rate will be ahead followed by other exchange rates.
The major reason the interbank can’t converge also is that there are some controls that are still there.
There are some limits to how much one can trade whereas there is no limit on the parallel market rate
</blockquote>
The Zimbabwe dollar was this week trading at ZWL$1888.80:US$1 at the auction system and above ZWL$3000: US$1 on the black market.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Industry Wants Fine-tuning Of Forex Auction System

Brokerage firms and economists have predicted that the Zimbabwe dollar will officially close the year trading at between $2 000 and $3 200 against the US dollar.
However, monetary authorities are of the view that the local currency is likely to close the year trading at around $1 500.
The auction market was introduced in June 2020 with the Zimbabwe dollar trading at $22.50 per US dollar.
As of 31 January 2023, the Zimbabwe dollar was trading at $801.60 against the US dollar.
In its outlook for 2023, IH Securities suggested that upcoming elections and treasury activities will cause slight disturbances to the currency. It said:
<blockquote>
The interbank rate depreciated at an average weekly rate of 3 percent during the year 2022.
Applying the same rate of depreciation in 2023, the interbank rate will close the year at $3 177 from $690 recorded at the beginning of the year.
From our view, this will be the best-case scenario considering the downside risk of elections.
</blockquote>
Akribos Capital, an investment firm also forecasted a depreciation of the local currency due to elections this year as well as the slowdown in economic growth in leading global economies like China, the US, and the Eurozone. Akribos said:
<blockquote>
… we expect the exchange rate to close Q1,2,3 between the lower and upper bound of $1 500 — 1 800 against the US dollar while inflation hovers above 250 percent.
</blockquote>
However, Monetary Policy Committee (MPC) member, Persistence Gwanyanya, believes the Zimbabwe dollar will be trading at around $1 000 or $1 500 to the US dollar by the end of the year. He told <a href="https://www.businessweekly.co.zw/zwl-to-depreciate-moderately-this-year/">Business Weekly</a>:
<blockquote>
We have not yet felt any political pressure due to the pending elections so the currency should close at around $1 000 to the dollar, but if we experience a shock either from elections or somewhere else, we should see it at around $1 500 per US dollar.
</blockquote>

Zimbabwe Dollar To Officially Close 2023 Trading At $3 200 Against USD - Analysts

The Reserve Bank of Zimbabwe (RBZ) forex auction weighted average rate moved to US$1: ZWL$779.3101 on 24 January 2023, from the US$1: ZWL$732.0036 that was set on 17 January.
The central bank said a total of US$13,863,114.02 was allotted today, down from US$14,471,109.58, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was  US$1,515,043.86.
The total amount allotted on the Main Forex Auction (MAIN FX125/2023) was US$12,348,070.16.
<blockquote>
♦ Weighted Average Rate 779.310
</blockquote>
<h2>How the money was allocated:</h2>
Raw Materials………………………………………………………………..US$7,387,486.93
Machinery and Equipment………………………………………………US$1,500,218.74
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$823,964.98
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,659,147.96
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$1,309,042.98
Pharmaceuticals and Chemicals …………………………………………US$552,832.63
Paper and Packaging …………………………………………………………US$630419.8
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,515,043.86
TOTAL Amount allotted for the MAIN FM117/2022 …… US$12,348,070.16
GRAND TOTAL AWARDED ………………………………… US$13,863,114.02
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 24 January 2023

The Zimbabwe dollar has continued to fall in value against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency auction.
At the latest auction conducted today, 17 January 2023, the weighted average rate moved to US$1: ZWL$732.0036 from the US$1: ZWL$705.4164 that was set last week on 10 January.
The central bank said a total of US$14,471,109.58 was allotted today, up from US$10,806,183.25, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was  US$1,748,201.30.
The total amount allotted on the Main Forex Auction (MAIN FX125/2023) was US$12,722,908.28.
<blockquote>
♦ Weighted Average Rate 732.0036
</blockquote>
<h2>How the money was allocated:</h2>
Raw Materials………………………………………………………………..US$8,503,416.78
Machinery and Equipment………………………………………………US$1,434,549.97
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$1,269,405.28
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,293,749.25
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$1,174,923.2
Pharmaceuticals and Chemicals …………………………………………US$306,281.76
Paper and Packaging …………………………………………………………US$488,783.34
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,748,201.30
TOTAL Amount allotted for the MAIN FM117/2022 …… US$12,722,908.28
GRAND TOTAL AWARDED ………………………………… US$14,471,109.58
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 17 January 2023

Moses Mashavave, an entrepreneur, has urged the Reserve Bank of Zimbabwe (RBZ) to narrow the gap between the small to medium enterprises auction and the main auction.
Mashavave, who is one of those that have benefitted from the auction floor, said some SMEs that have grown in the recent past but do not qualify to participate in the main auction system, also need to be catered for. He said:
<blockquote>
We need the central bank to work to narrow the gap between the SMEs auction and the main auction.
A company that has been receiving support from RBZ for a year has obviously grown but probably is not big enough to qualify for the main auction.
</blockquote>
The auction system resumed trading last week following the closure for the festive holidays.
On 10 January 2023, the RBZ allotted a total of US$10,806,183.25, with US$10,019,285.89 going to the main auction, while the SMEs auction was allotted US$786,897.36.
Since its inception in June 2020, US$3,7 billion has been allotted through the auction system to both the main and the SMEs auction. | <a href="https://www.chronicle.co.zw/call-to-revamp-auction-system/">Chronicle</a>

RBZ Urged To Overhaul Forex Auction System

The Zimbabwe dollar depreciated against the US dollar at the foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 10 January 2023.
The weighted average rate has moved to US$1: ZWL$705.4164 from the US$1: ZWL$671.4466 that was set at the previous auction conducted on 13 December 2022.
In its latest update, the central bank said a total of US$10,806,183.25, was allotted this week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was  US$786,897.36.
The total amount allotted on the Main Forex Auction (MAIN FX125/2023) was US$10,019,285.89.
On 13 December 2022, the SMEFX111/2022 was alloted US$1,451,144.38 while the MAIN FX117/2022 was alloted US$14,031,231.84 to give a total of US$15,482,376.22.
This week, the weighted average breached the 700 mark for the first time:
<blockquote>
♦ Weighted Average Rate 705.4164
</blockquote>
<h2>How the money was allocated:</h2>
Raw Materials………………………………………………………………..US$6,485,995.16
Machinery and Equipment………………………………………………US$1,229,977.86
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$869,692.18
Services (Loans, Education, Dividends, Disinvestments, etc)…US$814,836.48
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$722,903.86
Pharmaceuticals and Chemicals …………………………………………US$321,388.24
Paper and Packaging …………………………………………………………US$361,389.47
TOTAL Amount allotted for the SMEFX111/2022 …………. US$786,897.36
TOTAL Amount allotted for the MAIN FM117/2022 …… US$10,019,285.89
GRAND TOTAL AWARDED ………………………………… US$10,806,183.25
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and
those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing seller Bid Rate as at 06 January 2023 was ZW$675.4490

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 10 January 2023

The Zimbabwe dollar lost further ground against the US dollar at the foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 15 November 2022.
The weighted average rate has moved to US$1: ZWL$639.1003.
<a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-18-october-2022/">Last week</a>, the foreign exchange weighted average rate was US$1: ZWL$636.2104.
In its latest update, the central bank said a total of US$13,053,307.52, was allotted this week, up from US$11,895,147.24thatwas allotted to various sectors at last week’s auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX111/2022) was  US$1,333,267.85 up from US$1,080,615.32allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX117/2022) was US$11,720,039.67 up from US$10,814,531.92allotted last week.
<blockquote>
♦ Weighted Average Rate 639.1003
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials………………………………………………………………..US$5,504,579.49
Machinery and Equipment………………………………………………US$2,273,841.85
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$1,245,775.99
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,696,012.26
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$755,839.47
Electricity Pharmaceuticals and Chemicals …………………………US$839,715.68
Paper and Packaging …………………………………………………………US$737,542.78
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,333,267.85
TOTAL Amount allotted for the MAIN FM117/2022 …… US$11,720,039.67
GRAND TOTAL AWARDED ……………………………. US$13,053,307.52
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and
those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing seller Bid Rate as at 11 November 2022 was ZW$609.6679
</blockquote>

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 15 November 2022

The value of the Zimbabwe dollar fell slightly against the US dollar at the foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 08 November 2022. The weighted average rate has moved to US$1: ZWL$636.2104.
<a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-18-october-2022/">Last week</a>, the foreign exchange weighted average rate was US$1: ZWL$634.2539.
In its latest update, the central bank said a total of US$11,895,147.24, was allotted this week, up from US$11,496,730.86thatwas allotted to various sectors at last week’s auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX111/2022) was  US$1,080,615.32 down from US$1,121,380.58allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX117/2022) was US$10,814,531.92 up from US$10,375,350.28allotted last week.
<blockquote>
♦ Weighted Average Rate 636.2104
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials………………………………………………………………..US$6,097,578.24
Machinery and Equipment………………………………………………US$2,083,630.54
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$1,006,728.77
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,477,131.25
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$737,107.63
Electricity Pharmaceuticals and Chemicals …………………………US$378501.41
Paper and Packaging …………………………………………………………US$114,469.4
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,080,615.32
<blockquote>
TOTAL Amount allotted for the MAIN FM117/2022 …… US$10,814,531.92
GRAND TOTAL AWARDED ……………………………. US$11,895,147.24
</blockquote>
<h2>Notes</h2>
<blockquote>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and
those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing seller Bid Rate as at 04 November 2022 was ZW$608.2111
</blockquote>
</blockquote>
</blockquote>

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 08 November 2022

The value of the Zimbabwe dollar has depreciated slightly against the US dollar according to the results of the official foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 25 October 2022. The weighted average rate has moved to US$1: ZWL$634.2539.
<a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-18-october-2022/">Last week</a>, the foreign exchange weighted average rate was US$1: ZWL$632.1371.
In an update seen by Pindula News, this week the central bank reported a total of US$11,496,730.86, done, up from US$10,600,227.09 thatwas allotted to various sectors at last week’s RBZ foreign currency auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX111/2022) was  US$1,121,380.58 up from USD1,062,029.45allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX117/2022) was US$10,375,350.28 down from US$USD10,637,610.97allotted last week.
<blockquote>
♦ Weighted Average Rate 634.2539
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials………………………………………………………………..US$4,333,879.27
Machinery and Equipment………………………………………………US$2,592,507.19
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$853,228.67
Services (Loans, Education, Dividends, Disinvestments, etc)…US$2,484,555.16
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$772,939.83
Electricity Pharmaceuticals and Chemicals …………………………US$315,355.66
Paper and Packaging …………………………………………………………US$144,265.08
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,121,380.58 
TOTAL Amount allotted for the MAIN FM117/2022 …… US$10,375,350.28
GRAND TOTAL AWARDED ……………………………. US$11,496,730.86
</blockquote>
<h2>Notes</h2>
<blockquote>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing seller Bid Rate as at 28 October 2022 was ZW$632.7703
</blockquote>
</blockquote>

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 01 November 2022

A former member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC), Eddie Cross, on Wednesday warned that the current exchange rate stability on the parallel will be short-lived.
Cross said the stability of the Zimbabwe dollar is largely a result of its shortage in the market and once the government starts paying contractors and suppliers, the local currency will respond.
He said the only solution to the local unit’s volatility is to liberalise the market for the local currency. Said Cross:
<blockquote>
The current shortfall of domestic supplies of the local currency has been due to the measures adopted by the government where the government has halted payment to suppliers of services and goods. The government has also tightened up money supply through the reserve bank.
This has resulted in a shortage of local currency and electronic currency. This has had an immediate effect on slowing down speculation in the Zimbabwe dollar against the US dollar (US$) and as a result, the local currency has strengthened on the parallel market.
However this is not going to be long-lived, the government has to return to meeting its obligation of paying contractors and suppliers, and it is in the process of doing that.
Once these payments resume we are going to see a resumption of activity on the parallel market for the local currency.
The only serious solution to this problem is to liberalise the market for the local currency.
This will, in fact, provide a long-term solution to the problems we are confronting.
Anything else, we are just dealing with the symptoms and not the fundamentals.
</blockquote>
Africa Economic Development Strategies executive director Gift Mugano also said the stability of the Zim dollar is false and unsustainable. He said:
<blockquote>
The shortage has managed to hold the rate at a stable position but this shortage of the Zimdollar is false stability.
It is false stability because it is fragile and dangerous since it cannot sustain, and soon the rate will run away.
We are also fast dollarising as a number of companies in the private sector have begun pricing in US$ and the Zimdollar has already been relegated.
Even local councils and some government departments such as the passport offices are pricing strictly in USD.
Demand has taken a nosedive as customer traffic has declined.
</blockquote>
The latest foreign exchange weighted average rate announced by the RBZ on Tuesday is Z$604 per dollar, with businesses allowed to add a 10% markup in pricing goods and services.
This brings it close to the parallel market rate of between Z$650 and Z$800 per greenback. | <a href="https://www.newsday.co.zw/local-news/article/200000494/exchange-rate-stability-false-economists-warn">NewsDay</a>

Economists Say Zimdollar Exchange Rate Stability Is False

The Zimbabwe dollar is showing signs of stabilising, with the gap between the official and parallel-market exchange rates closing and inflation easing.
Speaking to <a href="https://www.bnnbloomberg.ca/wild-currency-ride-show-signs-of-settling-down-in-zimbabwe-1.1819041">Bloomberg</a> by phone, Harare-based economist and a member of the Reserve Bank of Zimbabwe’s monetary policy committee (MPC), Persistence Gwanyanya, said:
<blockquote>
We have basically converged with an acceptable premium between the alternative and interbank rates. The markets are at equilibrium.
</blockquote>
The latest foreign exchange weighted average rate announced by the RBZ on Tuesday is Z$604 per dollar, with businesses allowed to add a 10% markup in pricing goods and services.
This brings it close to the parallel market rate of between Z$650 and Z$800 per greenback.
Since May, the government has unveiled a raft of measures which include issuing gold coins, legalising the use of the US dollar and a brief ban on bank lending in a bid to stabilise the local currency and arrest runaway inflation.
Gwanyanya said with the currency markets stabilising, the central bank now expects businesses to begin cutting prices. He said:
<blockquote>
It is inescapable. The next wave is that of price reductions and that will cement the stability.
</blockquote>
Gwanyanya also said the RBZ won’t rush to cut its key interest rate, currently the world’s highest at 200%, as doing so will reverse the gains made so far.
Meanwhile, Lloyd Mlotshwa, who is the head of research at IH Securities, a Harare-based brokerage firm, said it is unclear whether some of the measures imposed to bring the exchange rates in line are sustainable. He said:
<blockquote>
The convergence has been achieved by punitively constricting local-currency liquidity, that is by stopping government contract payments, increasing interest rates to 200% and taxes on capital markets.
</blockquote>

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