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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.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Zimbabwean Dollar Weakened Against USD At Reserve Bank Auction On 6 September 2023

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya (JM) has said foreign currency auction systems are funded through exports. He made the remarks while speaking to The Zimbabwe Independent (ZI) in an interview that was preceded by Mangudya’s Mid-term Monetary Policy statement (MPS) presented three weeks ago. The interview was held last week. Below are excerpts of the discussion:
ZI: We have seen backlogs at the foreign currency auction system. We have seen figures of US$200 million-plus being thrown in the market in terms of the backlog. But what is worrisome is that the allocated amounts are rising to US$40 million, to US$45 million per week
JM: How do you fund auctions? You fund auctions through export receipts. We know the export trends of companies here. For instance, platinum companies bring foreign currency once a month. So because foreign currency comes once a month from those, say platinum companies, which are the largest contributors to the auction, by the way, it means when you have got a backlog of three or four weeks you know that the money is going to come anyway. That’s what is called cash flow management.
ZI: Tell us governor, how do global trends affect our monetary policy in Zimbabwe?
JM: The global and domestic environment affects our monetary policy and also fiscal policy. We are affected by these two. On the global landscape factors, we are looking at a 6% rebound in the global economy. That is a positive for our country. The IMF (International Monetary Fund) will be releasing US$650 billion in SDR (special drawing rights) into the global economy on the 23rd next week (Monday this week). So that increases the reserve money in the global economy and it will drive commodity prices.
ZI: How are these linked?
JM: These ones are linked. When you put money in the economy, prices go up because prices have absorptive capacity. You want to stabilise and you absorb the money you have put into the economy. The stimulus package in the developed countries is stimulating demand in the world economy. That is why it (global gross domestic product) is going up by 6%. Also, as a result, the prices will obviously need to go up because price is used as an instrument to absorb the money. Therefore, when you put money into the global economy, prices go up. Without money, you do not grow and that is the context of the global. That growth context which is there is also mirrored in the Zimbabwe macroeconomic situation.
ZI: Please explain how the global growth has been mirrored in the Zimbabwean economy?
JM: If you look at our three sectors of the economy, the external sector increased by 29,1% (foreign currency receipts) during the first half of this year. We are looking at the foreign exchange system, which has been able to discharge or provide US$1,7 billion of funds through the formal system, which is quite a lot because that is about 40% of the requirements by the productive sectors of the economy. The other side is that companies also use funds in foreign currency accounts. There is also the interbank. So the interbank market plus the foreign currency auction system, plus the foreign currency utilisation in the FCA (foreign currency accounts) gives you the 100%. We have seen improved diaspora remittances and exports receipts in this country. We have also had a sustained current account surplus because of improvement in remittances.
ZI: Are these the factors that were under consideration when GDP growth targets were revised to 7,8% last month?
JM: So the external sector is bright, it is good. On the real sector, we have now increased the growth projections from 7,4% to 7,8 % on account of what we have been seeing on the ground. Agriculture (growth) is expected to be about 34%. We have seen growth in industry as more foreign currency was made available to the economy. Through results that are being presented by companies, entities are giving a testimony to economic growth. So, the economy is recovering and we are witnessing growth. We are on the road to achieve 7,8% economic growth.
More: <a href="https://www.theindependent.co.zw/2021/08/27/we-are-headed-for-boom-times-in-zim/">Zimbabwe Independent</a>

Mangudya Speaks On How RBZ Forex Auctions Are Funded

The Zimbabwe dollar further weakened against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday 03 August 2021.
Last week the weighted average was US$1: ZWL$85.6402, falling to US$1: ZWL$85.7286 this week.
This week, US$10.3 million was allocated to the Small to Medium Enterprises forex auction while US$35.2 million was allocated to the main forex auction.
In total, US$45.5 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

<ul>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/07/27/rbz-foreign-currency-auction-results-27-07-2021/">RBZ Foreign Currency Auction Results: 27/07/2021</a></li>
<li><a href="https://news.pindula.co.zw/2021/07/06/rbz-forex-auction-results-06-july-2021/" rel="bookmark" title="RBZ Forex Auction Results – 06 July 2021">RBZ Forex Auction Results – 06 July 2021<abbr title="5.000000 is the YARPP match score between the current entry and this related entry. You are seeing this value because you are logged in to WordPress as an administrator. It is not shown to regular visitors."></abbr></a></li>
<li><a href="https://news.pindula.co.zw/2021/03/30/zimbabwe-dollar-loses-further-ground-against-the-us-dollar/" rel="bookmark" title="Zimbabwe Dollar Loses Further Ground Against The US Dollar">Zimbabwe Dollar Loses Further Ground Against The US Dollar<abbr title="4.000000 is the YARPP match score between the current entry and this related entry. You are seeing this value because you are logged in to WordPress as an administrator. It is not shown to regular visitors."></abbr></a></li>
<li><a href="https://news.pindula.co.zw/2021/04/20/rbz-forex-auction-zimbabwe-dollar-firms-against-usd/" rel="bookmark" title="RBZ Forex Auction: Zimbabwe Dollar Firms Against USD">RBZ Forex Auction: Zimbabwe Dollar Firms Against USD</a></li>
</ul>
687 bids were received on the Small to Medium enterprises forex auction, with 624 accepted and 63 disqualified.
On the main forex auction, a total of 393 bids were received, 352 were accepted while 41 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said. Below is the RBZ summary of the forex auction:
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.63">                                                    SMEFX51/2021    </td>
<td title="Character Accurarcy=99.84">MAINFX57/2021   </td>
<td title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.62">Number of Bids Received :</td>
<td title="Character Accurarcy=99.97">687</td>
<td title="Character Accurarcy=99.9">393</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.87">63</td>
<td title="Character Accurarcy=99.76">41</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.95">624</td>
<td title="Character Accurarcy=99.9">352</td>
</tr>
<tr>
<td title="Character Accurarcy=99.78">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.94">624</td>
<td title="Character Accurarcy=99.93">352</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=98.93">USD10,313,921.32</td>
<td title="Character Accurarcy=87.72">USD35, 186,456.89</td>
</tr>
<tr>
<td title="Character Accurarcy=98.96">Amount Allotted :</td>
<td title="Character Accurarcy=98.77">USD10,313,921.32</td>
<td title="Character Accurarcy=93.91">USD35, 186,456.89</td>
</tr>
<tr>
<td title="Character Accurarcy=99.37">Highest Rate Received :</td>
<td title="Character Accurarcy=98.11">91.0000</td>
<td title="Character Accurarcy=97.37">91.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.56">Lowest Bid Rate Received :</td>
<td title="Character Accurarcy=97.69">82.0000</td>
<td title="Character Accurarcy=98.23">82.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.52">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=97.32">82.0000</td>
<td title="Character Accurarcy=98.87">82.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.84">85.7286</td>
<td title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
 
</div>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.75">PURPOSE</td>
<td title="Character Accurarcy=99.55">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.9">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Raw Materials</td>
<td title="Character Accurarcy=99.82">2,420,925.75</td>
<td title="Character Accurarcy=99.84">14,424,474.16</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.86">2,491,365.09</td>
<td title="Character Accurarcy=99.88">8,122,641.57</td>
</tr>
<tr>
<td title="Character Accurarcy=99.56">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.86">2,119,675.23</td>
<td title="Character Accurarcy=99.5">2,821,012.22</td>
</tr>
<tr>
<td title="Character Accurarcy=99.52">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.88">770,877.03</td>
<td title="Character Accurarcy=99.88">1,820,934.53</td>
</tr>
<tr>
<td title="Character Accurarcy=99.62">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.87">1,383,858.25</td>
<td title="Character Accurarcy=99.92">3,779,637.98</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.94">334,796.07</td>
<td title="Character Accurarcy=99.73">1,428,010.66</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.58">440,846.64</td>
<td title="Character Accurarcy=99.87">2,178,056.90</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Paper and Packaging</td>
<td title="Character Accurarcy=99.96">351,577.26</td>
<td title="Character Accurarcy=99.94">611,688.87</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">TOTAL</td>
<td title="Character Accurarcy=99.73">10,313,921.32</td>
<td title="Character Accurarcy=99.93">35,186,456.89</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=99.86">45,500,378.21</td>
</tr>
</tbody>
</table>
</div>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Foreign Currency Auction Results: 3 Aug 2021

The Zimbabwe dollar further weakened against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday 20 June 2021.
Last week the weighted average was US$1: ZWL$85.6372, falling to US$1: ZWL$85.6402 this week.
This week, US$10 million was allocated to the Small to Medium Enterprises forex auction while US$37 million was allocated to the main forex auction.
In total, US$47 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

<ul>
<li><a href="https://news.pindula.co.zw/2021/07/06/rbz-forex-auction-results-06-july-2021/" rel="bookmark" title="RBZ Forex Auction Results – 06 July 2021">RBZ Forex Auction Results – 06 July 2021<abbr title="5.000000 is the YARPP match score between the current entry and this related entry. You are seeing this value because you are logged in to WordPress as an administrator. It is not shown to regular visitors."></abbr></a></li>
<li><a href="https://news.pindula.co.zw/2021/03/30/zimbabwe-dollar-loses-further-ground-against-the-us-dollar/" rel="bookmark" title="Zimbabwe Dollar Loses Further Ground Against The US Dollar">Zimbabwe Dollar Loses Further Ground Against The US Dollar<abbr title="4.000000 is the YARPP match score between the current entry and this related entry. You are seeing this value because you are logged in to WordPress as an administrator. It is not shown to regular visitors."></abbr></a></li>
<li><a href="https://news.pindula.co.zw/2021/04/20/rbz-forex-auction-zimbabwe-dollar-firms-against-usd/" rel="bookmark" title="RBZ Forex Auction: Zimbabwe Dollar Firms Against USD">RBZ Forex Auction: Zimbabwe Dollar Firms Against USD</a></li>
</ul>
682 bids were received on the Small to Medium enterprises forex auction, with 626 accepted and 56 disqualified.
On the main forex auction, a total of 394 bids were received, 356 were accepted while 38 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said. Below is the RBZ summary of the forex auction:
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=98.49">Number of Bids Received :</td>
<td title="Character Accurarcy=99.87">SME
682</td>
<td title="Character Accurarcy=99.69">Main
394</td>
</tr>
<tr>
<td title="Character Accurarcy=98.92">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.95">56</td>
<td title="Character Accurarcy=99.96">38</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.96">626</td>
<td title="Character Accurarcy=99.97">356</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.96">626</td>
<td title="Character Accurarcy=99.98">356</td>
</tr>
<tr>
<td title="Character Accurarcy=99.62">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=98.3">USD9,933,403.94</td>
<td title="Character Accurarcy=94.32">USD37,242,121.28</td>
</tr>
<tr>
<td title="Character Accurarcy=99.12">Amount Allotted :</td>
<td title="Character Accurarcy=98.04">USD9,933,403.94</td>
<td title="Character Accurarcy=93.68">USD37,242,121.28</td>
</tr>
<tr>
<td title="Character Accurarcy=99.47">Highest Rate Received :</td>
<td title="Character Accurarcy=97.43">92.0000</td>
<td title="Character Accurarcy=96.85">91.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.36">Lowest Bid Rate Received :</td>
<td title="Character Accurarcy=95.97">82.0000</td>
<td title="Character Accurarcy=95.51">82.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.37">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=96.68">82.0000</td>
<td title="Character Accurarcy=96.01">82.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.25">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.28">85.6402</td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.5">PURPOSE</td>
<td title="Character Accurarcy=99.79">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.83">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.88">Raw Materials</td>
<td title="Character Accurarcy=99.6">2,618,337.54</td>
<td title="Character Accurarcy=99.73">14,262,215.75</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Machinery and Equipment</td>
<td title="Character Accurarcy=99.71">2,571,114.31</td>
<td title="Character Accurarcy=99.91">8,981,866.50</td>
</tr>
<tr>
<td title="Character Accurarcy=99.46">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.84">1,848,155.35</td>
<td title="Character Accurarcy=99.85">1,896,941.25</td>
</tr>
<tr>
<td title="Character Accurarcy=99.18">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.82">711,992.69</td>
<td title="Character Accurarcy=99.73">2,137,154.25</td>
</tr>
<tr>
<td title="Character Accurarcy=99.48">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.84">862,967.10</td>
<td title="Character Accurarcy=99.7">4,332,677.09</td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.82">286,143.71</td>
<td title="Character Accurarcy=99.92">1,987,585.65</td>
</tr>
<tr>
<td title="Character Accurarcy=99.47">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.94">732,787.66</td>
<td title="Character Accurarcy=99.71">2,900,273.71</td>
</tr>
<tr>
<td title="Character Accurarcy=99.72">Paper and Packaging</td>
<td title="Character Accurarcy=99.93">301,905.58</td>
<td title="Character Accurarcy=99.91">743,407.07</td>
</tr>
<tr>
<td title="Character Accurarcy=99.65">TOTAL</td>
<td title="Character Accurarcy=99.82">9,933,403.94</td>
<td title="Character Accurarcy=97.88">37,242,121.28</td>
</tr>
<tr>
<td title="Character Accurarcy=99.76">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"></td>
<td title="Character Accurarcy=99.86">47,175,525.22</td>
</tr>
</tbody>
</table>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Foreign Currency Auction Results: 27/07/2021

<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe</a> (RBZ) has announced corrective actions taken so far against individuals and companies that were found abusing the foreign currency auction system. Pindula News present the central Bank’s statement.
<blockquote>_FOREIGN EXCHANGE AUCTION SYSTEM, EXCHANGE RATE MANIPULATION AND FLOUTING OF EXCHANGE CONTROL RULES AND REGULATIONS_ 
_The Bank wishes to inform members of the public of the following corrective and punitive actions that have since been taken against some entities for abuse of the Foreign Exchange Auction System, manipulation of the exchange rate and non-compliance with exchange control rules and regulations:_ 
_(1) In addition to the 18 entities named in the Press Statement of 15 June 2021, 21 more entities have been investigated by the Bank and Financial Intelligence Unit and found guilty of various breaches that include transfer pricing, use of fraudulent import documentation, failure to bank cash and conducting illegal foreign exchange transactions._ 
_(2) Of the total of 39 entities, 27 have been fined to date and 12 have been issued with written warnings for aiding or abetting flouting of exchange control rules and regulations._ 
_The punitive measures include prohibitions from participation in the foreign exchange auctions until the full payment of the fines imposed or permanent blacklisting from participation in the foreign exchange auctions, depending on the seriousness of the breach._</blockquote>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

Corrective Actions Taken Against Foreign Currency Abuse

The Reserve Bank of Zimbabwe (RBZ) has released another list of beneficiaries of foreign currency the central bank has been selling through the foreign currency auction platform.
In a statement, the governor of the RBZ, Dr John Panonetsa Mangudya said the list covers those who benefited between Jue 2020 and 31 May 2021. He said:
<blockquote>RESERVE BANK OF ZIMBABWE PRESS STATEMENT FOREIGN EXCHANGE ALLOTMENTS UNDER THE FOREIGN EXCHANGE AUCTION SYSTEM AND FOREIGN EXCHANGE PAYMENTS FOR THE PERIOD JUNE 2020 TO 31 MAY 2021 
This statement is issued in line with the Bank’s commitment to regularly keep the public informed of developments in the foreign exchange market. In terms of the foregoing, the Bank hereby publishes the following: 
1.A list of the 1423 beneficiaries of US$1 235 002 234 allotted under the Main Foreign Exchange Auction; 
2. A list of the 2027 beneficiaries of US$102 975 034 allotted under the SMEs Foreign Exchange Auction; and 
3.A schedule showing the total foreign exchange payments amounting to US$5 469 050 131 by source, i.e. from foreign currency accounts (US$3 747 693 742), interbank market (US$383 379 121) and the Foreign Exchange Auction System (US$1 337 977 269). </blockquote>

<ul>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/05/12/pdf-rbz-list-of-forex-auction-system-beneficiaries/">PDF: RBZ List Of Forex Auction System Beneficiaries</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/03/17/rbzs-list-of-forex-exchange-auction-beneficiaries-is-misleading-magaisa/">RBZ’s List Of Foreign Currency Auction Beneficiaries Is Misleading – Magaisa</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/03/16/full-list-top-100-beneficiaries-of-the-rbz-forex-auction/">Full List: Top 100 Beneficiaries Of The RBZ Forex Auction</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/05/05/rbz-forex-auction-zimbabwe-dollar-drops-against-usd-2/">RBZ Foreign Currency Auction: Zimbabwe Dollar Drops Against USD</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/04/30/update-rbz-selling-forex-to-bureaux-de-change-fresh-details/">UPDATE: RBZ Selling Forex To Bureaux De Change -Fresh Details</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/03/16/full-text-rbz-statement-on-funding-of-forex-applications/">FULL TEXT: RBZ Statement On Funding Of Forex Applications</a></li>
<li class="entry-title">FULL LIST: <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/05/Press-Statement-on-Foreign-Exchange-Allotments-.pdf">June 2020 to April 2021 Forex Auction Beneficiaries</a></li>
</ul>
<h2><a href="https://www.rbz.co.zw/documents/press/2021/June/Press-Statement---Foreign-Exchange-Allotments--Payments-June-2020-to-May-2021.pdf">Full list of the Beneficiaries June 2020 TO May 2021.</a></h2>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ's June 2020-May 2021 List Of Foreign Currency Beneficiaries

The Reserve Bank of Zimbabwe (RBZ) has blocked plans by bakers in the country to raise bread price from an average of ZW$60 to ZW$80 arguing that the move was not justified.
The RBZ governor Dr John Mangudya also told bakers during last week’s Grain Millers Association of Zimbabwe (GMAZ)’s online meeting that was also attended by bakers and millers that bakers and millers will now be prioritised for foreign currency allocation during the weekly forex auction. He added:
<blockquote>Bakers have no reason to justify any bread price increase because when the price of bread was $79, it was based on a speculative black market rate of between $100 and $120 per US$1.
We expect bread prices to go down given the fact that bakers are now accessing forex at the auction at a much lower rate of $80 against US$1.</blockquote>
Prices of commodities in the country have been going up in recent months mainly due to the rapid loss of the value of the local currency compared to other currencies on the parallel foreign currency market.
The hyperinflation in the country also eroded workers’ salaries thereby triggering prolonged industrial actions.
More: <a href="https://www.sundaymail.co.zw/govt-blocks-bread-price-hike" rel="noopener noreferrer" target="_blank">The Sunday Mail</a>

"Prices Should Actually Be Going Down," - Govt Blocks Bakers' Plan To Hike Bread Price

Finance and Economic Development Minister Mthuli Ncube said that there was no going back on the use of the Zimbabwe dollar, adding that the local currency has a bright future.
Ncube said this while responding to questions during a meeting with Bulawayo businesspeople at the Zimbabwe International Exhibition Centre on Friday. He said:
<blockquote>The future of the Zim dollar is bright, you are abusing it, we will use it. And as Government and together with you the private sector, I believe we’re on the right track.</blockquote>
In June, the government moved away from the US$1: ZWL$25 fixed exchange rate by introducing the weekly Foreign currency Auction Trading System.
Following the introduction of the Foreign Currency Auction System, the exchange rate has continued to fall nestled at US$1:72,14 this week.
On Friday, the government gazetted Statutory Instrument 185 which stipulates that any person who provides goods or services in Zimbabwe shall display, quote or offer the price for such goods or services in both Zimbabwe dollar and foreign currency at the ruling exchange rate.
<h4>More: <a href="https://www.chronicle.co.zw/zimbabwe-dollar-future-bright/" rel="noopener noreferrer" target="_blank">Chronicle</a></h4>

Mthuli: The Future Of The Zimbabwe Dollar Is Bright

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