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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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Pindula News

Zimbabwe Dollar Official Rate Moves To $4 604 Per US Dollar

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.
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Mnangagwa Hints At Scrapping RBZ's Forex Auction System

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. 
In recent weeks, the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollar</a> has been strengthening against the <a class="MarkdownLink_linkifiedLink__KxC9G">United States</a> dollar (USD) after months of a downward trend.
To stabilize the macroeconomy and the local currency, the government introduced a range of measures. These measures include levying taxes in <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollars which created demand for the local currency</a>.
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 <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe Electricity Supply Authority</a> (ZESA) in local currency. Furthermore, all <a class="MarkdownLink_linkifiedLink__KxC9G">customs duties</a> are now payable in local currency, except for designated or luxury goods, and in cases where the importer chooses to pay in foreign currency.
By requiring fees and bills to be paid in local currency, the government aims to increase demand for the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollar</a>, 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. 
T<a class="MarkdownLink_linkifiedLink__KxC9G">he government </a>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.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Sells USD At ZW$4.5K At RBZ Forex Auction

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 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 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

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.
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Industry Wants Fine-tuning Of Forex Auction System

The foreign exchange weighted average rate has fallen to US$1: ZWL$165.9942 from US$1: ZWL$159.3482 which was reported by the Reserve Bank of Zimbabwe (RBZ) on 26 April.
At this week’s forex auction conducted on 03 May, a total of US$28.6 millionwas allotted. The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
1 151 bids were received on the Small to Medium enterprises forex auction, with 1 082 accepted and 69 disqualified. The total number of bids allotted was 1 082.
On the main forex auction, a total of 474 bids were received, 429 were accepted and 45 were disqualified. The total number of bids allotted was 429.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.66">Number of Bids Received :</td>
<td title="Character Accurarcy=99.24">1151</td>
</tr>
<tr>
<td title="Character Accurarcy=99.29">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.96">69</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.97">1082</td>
</tr>
<tr>
<td title="Character Accurarcy=99.59">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.9">1082</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=98.43">USD4,579,271.64</td>
</tr>
<tr>
<td title="Character Accurarcy=99.42">Amount Allotted :</td>
<td title="Character Accurarcy=97.84">USD4,579,271.64</td>
</tr>
<tr>
<td title="Character Accurarcy=99.5">Highest Rate Received :</td>
<td title="Character Accurarcy=99.59">240.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.53">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=99.52">155.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.62">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.81">165.9942</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.87">PURPOSE</td>
<td title="Character Accurarcy=98.81">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.75">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Raw Materials</td>
<td title="Character Accurarcy=99.84">1,206,244.02</td>
<td title="Character Accurarcy=99.59">11,325,102.37</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.91">1,598,573.38</td>
<td title="Character Accurarcy=99.93">6,120,869.88</td>
</tr>
<tr>
<td title="Character Accurarcy=98.98">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.91">581,984.96</td>
<td title="Character Accurarcy=99.79">1,532,512.07</td>
</tr>
<tr>
<td title="Character Accurarcy=97.65">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.89">541,832.93</td>
<td title="Character Accurarcy=99.84">1,686,903.52</td>
</tr>
<tr>
<td title="Character Accurarcy=98.61">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.88">340,436.92</td>
<td title="Character Accurarcy=99.8">1,495,432.16</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Electricity</td>
<td title="Character Accurarcy=98.31">17,617.97</td>
<td title="Character Accurarcy=99.66">21,973.60</td>
</tr>
<tr>
<td title="Character Accurarcy=99.76">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.53">162,982.00</td>
<td title="Character Accurarcy=99.81">1,265,094.94</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Paper and Packaging</td>
<td title="Character Accurarcy=99.81">129,599.46</td>
<td title="Character Accurarcy=99.84">622,569.09</td>
</tr>
<tr>
<td title="Character Accurarcy=99.88">TOTAL</td>
<td title="Character Accurarcy=99.87">4,579,271.64</td>
<td title="Character Accurarcy=99.88">24,070,457.63</td>
</tr>
<tr>
<td title="Character Accurarcy=99.77">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=99.91">28,649,729.27</td>
</tr>
</tbody>
</table>
<h4>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></h4>

RBZ Forex Auction Results – 03 May 2022

The local currency has further depreciated against the US dollar at <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">the Reserve Bank of Zimbabwe (RBZ)</a> foreign currency (forex) auction conducted on Tuesday, 8 March 2022.
This week the weighted average was US$1: ZWL$130.1567 down from the 1 March 2022 rate that stood at US$1: ZWL$127.4864.
In total, US$35.8 millionwas allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment, the same as last week.
936 bids were received on the Small to Medium enterprises forex auction, with 865 accepted and 71 disqualified. The total number of bids allotted was 778.
On the main forex auction, a total of 410 bids were received, 377 were accepted and 33 were disqualified. The total number of bids allotted was 355.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
<h4>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></h4>

RBZ Forex Auction Results – 08 March 2022

The Zimbabwe dollar further dropped against the United States Dollar (USD) when the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> conducted a foreign currency (forex) auction on Tuesday 22 June 2021.
Results from the <a href="https://www.pindula.co.zw/Foreign_Exchange_Auction_System">RBZ forex auction</a> show that the weighted average fell slightly from US$1: ZWL$85.2455 last week to US$1: ZWL$85.3664 this week.
<ol>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/10/forex-auction-zimbabwe-dollar-sheds-value-against-usd/">Forex Auction: Zimbabwe Dollar Sheds Value Against USD – 8 June 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/01/forex-auction-results-rate-remains-fixed-at-just-under-zwl85/">Fo</a><a href="https://news.pindula.co.zw/2021/06/01/forex-auction-results-rate-remains-fixed-at-just-under-zwl85/">rex Auction Results: Rate Remains Fixed At Just Under ZWL$85 – 1 June</a></li>
<li><a href="https://news.pindula.co.zw/2021/06/05/drc-ambassador-listed-as-rbz-foreign-currency-auction-beneficiary/">DRC Ambassador Listed As Top Beneficiary Of RBZ Foreign Currency Auction</a></li>
<li><a href="https://news.pindula.co.zw/2021/05/18/rbz-forex-auction-zimbabwe-dollar-continues-on-downward-trend-against-usd/">RBZ Forex Auction: Zimbabwe Dollar Weaken Further Against USD – 18 May</a></li>
<li><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><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 – 5 May</a></li>
</ol>
This week US$7.8 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$44.8 million was allotted this week, down from US$46.7 million allotted last week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
537 bids were received on the Small to Medium enterprises forex auction, with 508 accepted and 29 disqualified.
On the main forex auction, a total of 409 bids were received, 372 were accepted while 37 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. Pindula News present below the table summarising what transpired on Tuesday.

<ol>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/15/rbz-forex-auction-zimbabwe-dollar-further-drops/">RBZ Forex Auction: Zimbabwe Dollar Further Drops</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/10/forex-auction-zimbabwe-dollar-sheds-value-against-usd/">Forex Auction: Zimbabwe Dollar Sheds Value Against USD – 8 June 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/01/forex-auction-results-rate-remains-fixed-at-just-under-zwl85/">Fo</a><a href="https://news.pindula.co.zw/2021/06/01/forex-auction-results-rate-remains-fixed-at-just-under-zwl85/">rex Auction Results: Rate Remains Fixed At Just Under ZWL$85 – 1 June</a></li>
<li><a href="https://news.pindula.co.zw/2021/06/05/drc-ambassador-listed-as-rbz-foreign-currency-auction-beneficiary/">DRC Ambassador Listed As Top Beneficiary Of RBZ Foreign Currency Auction</a></li>
<li><a href="https://news.pindula.co.zw/2021/05/18/rbz-forex-auction-zimbabwe-dollar-continues-on-downward-trend-against-usd/">RBZ Forex Auction: Zimbabwe Dollar Weaken Further Against USD – 18 May</a></li>
<li><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><a href="https://news.pindula.co.zw/2021/05/05/rbz-forex-auction-zimbabwe-dollar-drops-against-usd-2/">RBZ Forex Auction: Zimbabwe Dollar Drops Against USD – 5 May</a></li>
</ol>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.52">PURPOSE</td>
<td title="Character Accurarcy=99.8">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.8">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.87">Raw Materials</td>
<td title="Character Accurarcy=99.91">1,909,453.06</td>
<td title="Character Accurarcy=99.87">14,483,454.34</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Machinery and Equipment</td>
<td title="Character Accurarcy=99.94">1,975,881.39</td>
<td title="Character Accurarcy=99.5">8,283,239.11</td>
</tr>
<tr>
<td title="Character Accurarcy=99.6">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.91">1,937,073.90</td>
<td title="Character Accurarcy=99.83">2,568,998.59</td>
</tr>
<tr>
<td title="Character Accurarcy=99.43">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.88">509,698.84</td>
<td title="Character Accurarcy=99.86">1,863,690.12</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.88">689,849.28</td>
<td title="Character Accurarcy=99.82">3,469,710.01</td>
</tr>
<tr>
<td title="Character Accurarcy=99.78">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.91">156,771.88</td>
<td title="Character Accurarcy=99.91">1,317,791.03</td>
</tr>
<tr>
<td title="Character Accurarcy=99.65">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.89">344,133.59</td>
<td title="Character Accurarcy=99.86">3,814,738.43</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">Paper and Packaging</td>
<td title="Character Accurarcy=99.94">283,086.56</td>
<td title="Character Accurarcy=99.85">1,151,027.28</td>
</tr>
<tr>
<td title="Character Accurarcy=99.67">TOTAL</td>
<td title="Character Accurarcy=99.93">7,805,948.50</td>
<td title="Character Accurarcy=99.86">36,952,648.91</td>
</tr>
<tr>
<td title="Character Accurarcy=99.74">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"></td>
<td title="Character Accurarcy=99.7">44,758,597.41</td>
</tr>
</tbody>
</table>
</div>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Foreign Currency Auction: Zimbabwe Dollar Continues On Downward Trend

The Zimbabwe Dollar this week marginally gained and closed the official forex auction stronger as it traded a few cents lower than last week’s official rate of $83.32, ZWL per $1.  According to this week’s auction, the Zimbabwe dollar will trade at $82.69 per $1
This was contained in the communique from the RBZ about the bank’s auction results after today’s auction.
<img alt="" class="alignnone wp-image-180898 size-full" decoding="async" height="1024" loading="lazy" sizes="(max-width: 724px) 100vw, 724px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/09/Official-Rate-8-September.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2020/09/Official-Rate-8-September.jpeg 724w, https://news.pindula.co.zw/wp-content/uploads/2020/09/Official-Rate-8-September-212x300.jpeg 212w" width="724"/>

FOREX AUCTION: Zim Dollar Official Rate 08 September 2020

The RBZ is reportedly borrowing money offshore to feed the forex auction trading system further increasing its ballooning foreign debt which currently stands at US$4.5 Billion. This was revealed by the CEO of Leon Holdings a financial services company and entrepreneur Tinashe Marupata. Marupata was commenting on an article in the Chronicle when he tweeted:
<blockquote>
<div>
<div dir="auto" lang="en">RBZ has been borrowing money offshore to feed the Auction. This is a patently bad market setting move. The tax payer will assume the exchange rate losses. More worrisome is that RBZ offshore debt is US$4.5bn. Another debt assumption bill.</div>
</div>
</blockquote>
<div dir="auto" lang="en">The RBZ introduced the forex trading auction system a few weeks ago in an effort to curb the foreign currency runaway rate which was crawling towards ZWL $100 per US$1. The government had said the auction system will keep a tight leash on money supply and help contain parallel market activities.</div>
<div dir="auto" lang="en">Source: <a href="https://twitter.com/baba_nyenyedzi/status/1287607844313931778">Twitter </a></div>

RBZ Borrowing Money To Feed The Forex Auction System - Report

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