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2025 Apprenticeship Intake: CFAO

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General Trade Business Development Manager (Harare)

The Zimbabwe dollar lost value against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 12, 2023. The USD was exchanged at a rate of ZW$4,712.1675, which is higher than the rate of ZWL$4,647.9681 recorded on September 6, 2023. This follows a previous rate of ZWL$4,604.62 observed on August 29, 2023.
The foreign currency obtained from the auction was primarily allocated to Machinery and Equipment, receiving a total of $303,210.76. Services such as loans, education, dividends, and disinvestments followed closely with an allocation of $303,084.29. Raw materials received a slightly lower allocation of $266,877.75. In recent months, there has been a noticeable increase in the allocation of funds towards Services.
This allocation pattern represents a departure from the usual trend where raw materials typically received a larger share of the funds. The shift in allocation suggests changing priorities or demands within the economy post the 23-24 August 2023 elections.
These developments highlight the ongoing fluctuations in the exchange rate and the distribution of foreign currency across various sectors of the Zimbabwean economy. The stability of the exchange rate is yet to be determined, but some economists predicted that the Zimbabwean dollar may further depreciate after the period of August 23-24, 2023. They say this could occur if the newly-elected government does not take necessary measures to address the fundamental issues required for stabilising the macroeconomy and the local currency.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Zimbabwe Dollar Weakened Against USD At RBZ's Auction On 12 September 2023

The Zimbabwean dollar slightly depreciated against the United States dollar (USD) at the Reserve Bank of Zimbabwe (RBZ) wholesale foreign exchange auction held on August 1, 2023. According to the RBZ, the USD was sold at ZW$4,542.3710, compared to ZW$4,505.4232 on July 25. The majority of the foreign currency was used to purchase raw materials, followed by machinery and equipment.
The Zimbabwean dollar has been steadily strengthening against the USD in recent weeks, but the latest results indicate a shift in the trend. The strengthening of the Zimbabwean dollar has been attributed to the government’s implementation of various measures to stabilize the economy and the local currency.
One such measure includes the restriction of foreign currency in local transactions, with the Zimbabwean dollar being the sole legal tender for some domestic transactions such as taxes. This has resulted in a reduction of the money supply in the market, although some analysts have accused authorities of hoarding the Zimbabwean dollar to create an artificial shortage.
Despite the recent stability of the Zimbabwean dollar, it remains to be seen if it is sustainable. Zimbabwe has attempted to reintroduce its local currency in the past with little success, with analysts citing a lack of public confidence, particularly following the hyperinflation experienced in 2008 and subsequent loss of money due to policy changes.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwean Dollar Drops Slightly Against USD At RBZ Auction

The Reserve Bank of Zimbabwe (RBZ) has penalised top banks and firms for violating exchange control regulations with some companies failing to account for United States dollars sourced from the <a href="https://www.pindula.co.zw/Foreign_Exchange_Auction_System">central bank’s foreign auction system.</a>
In a confidential RBZ report dated September 5 2022, RBZ’s Exchange Control Division wrote that it conducted on-site compliance inspections across the country to check how the firms were using funds from the auction.
The apex bank launched the foreign currency auction system in June 2020 and over US$3.5 billion has been extended to support key imports of raw materials and machinery.
There have been reports of companies and some individuals, who have abused the auction system for profiteering and arbitrage. However, the RBZ has consistently fought a vicious war with errant banks and companies.
In the report submitted to the Finance and Economic Development ministry this month, the central bank said it slapped penalties on importers who could not account for auction funds. Reads in part the report seen by <a href="https://www.newsday.co.zw/theindependent/local-news/article/200000938/rbz-raids-banks-firms">the Independent</a>:
<blockquote>
Exchange Control continues to conduct on-site compliance inspections on companies throughout the country funded through the auction.
From January 1 to date, one hundred and nine companies have been inspected. The objective of the on-site post auction validations is to account for auction funds utilisation so as to confirm receipt of value in the country.
Exchange Control has continued to levy administrative penalties on importers who fail to fully account for auction funds.
In addition to company on-site visits, Exchange Control is conducting onsite and offsite inspection on banks.
The exercises are meant to check whether banks are administering exchange control transactions consistent to policy. Exchange Control has fined errant banks for various violations (including) failure to pay funded auction allotments within 72 hours of funding by the bank (RBZ).
With eight months into the year, the foreign exchange situation remains favourable, and forecasts point to a good foreign exchange position at the end of the year,” wrote the Exchange Control Division.
Total foreign currency receipts for the period January 1 to August 31 2022 amounted to US$7,698 billion compared to US$5,815 billion received during the same period in 2021 representing a 32,4% (US$1,874 billion) increase. This affirms the significant growth in the level of receipts over the period.
This tremendous growth in total foreign currency receipts was largely driven by a 41% growth in exports (US$1,475 billion) over the period.
This amplifies the continued dominance of exports as a major source of foreign currency receipts, as they contributed about 65% of the country’s total receipts for the period.
Foreign Investment, particularly FDI, though still low, has registered a significant increase of 202% from 2021 of which 62% (US$20 million) of the foreign investment amount was invested in Energy Sector (Zimbabwe Electricity Transmission Company and SinoHydro Hwange Power Holding) from SinoHydro Corporation Holding Zambia.
</blockquote>
As of August 31 2022, total international remittances amounted to US$1.833 billion from US$1.505 billion in 2021.
The total amount of diaspora remittances amount to US$1.069 billion up from US$894 million received during the same period in the year 2021.
International remittances on account of international organisations (NGOs) amounted to US$764 million up from US$610 million in 2021.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Top Banks, Firms Penalised For Failing To Account For USD Sourced From RBZ's Auction System

The Reserve Bank of Zimbabwe (RBZ) has revealed the Foreign Exchange Auction Allotments for August 2022 and Foreign Exchange Payments for the period January to August 2022.
In a statement, RBZ governor John Mangudya said that details about the allotments have been released to ensure that the public is informed of developments in the foreign exchange market. Part of the statement reads:
<blockquote>
In line with the Bank’s commitment to regularly keep the public informed of developments in the foreign exchange market, the Bank hereby publishes the following:
1. A list of the 352 beneficiaries of US$74 818 220 allotted under the Main Foreign Exchange Auction during the month of August 2022;
2. A list of the 1 154 beneficiaries of US$15 996 378 allotted under the SMEs Foreign
Exchange Auction during the month of August 2022; and
3. A schedule showing the total foreign exchange payments for the period January 2022 to August 2022, by source, amounting to US$5 306 865 010 broken down as follows: –
(i) foreign currency accounts (US$4 267 521 501),
(ii) Foreign Exchange Auction Allotments (US$925 501 215); and
(iii) the interbank market (US$113 842 293).
The bulk of the auction allotments during the month of August 2022 (71%) was for payment for raw materials (US$42 118 094) and machinery and equipment (US$22 343 924), with the remaining 29% of the total allotments going towards payment for services (US$9 345 489), consumables (US$7 913 708), retail and distribution (US$5 050 610), pharmaceuticals and chemicals (US$2 557 581), packaging (US$1 459 452) and fuel, electricity and gas (US$25 740), as shown in the tables below.
Total cumulative foreign exchange auction allotments since the inception of the Foreign Exchange Auction System stand at US$3 521 882 028.
</blockquote>
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/09/FOREIGN_EXCHANGE_AUCTION_SYSTEM_ALLOTMENTS_-_AUGUST_2022.pdf">Click the highlighted text to down the full statement in PDF format</a>

RBZ Foreign Exchange Payments For January To August 2022 | Full Statement

The Zimbabwe dollar has continued its downward spiral 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, 20 September 2022, the weighted average rate has fallen to US$1: ZWL$613.3681.
Last week, the foreign exchange weighted average rate was US$1: ZWL$604.2580.
In an update seen by Pindula News, the central bank reported that a total of US$13.66 millionwas allotted to various sectors at this 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.
245 bids were received on the Small to Medium Enterprises Forex Auction, with 230 accepted and 15 disqualified. The total amount allotted was USD2,099,695.45 down from the USD2,196,092.29 allotted last week.
On the Main Forex Auction, a total of 103 bids were received, 100 were accepted and 3 were disqualified. The total amount allotted was USD11,562,566.29 down from USD13,429,628.61 allotted last week.
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.94">
<h2>SME FX105/2022</h2>
Number of Bids Received
</td>
<td title="Character Accurarcy=99.9">
<h2>MAIN FX111/2022</h2>
245
</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.84">15</td>
</tr>
<tr>
<td title="Character Accurarcy=98.83">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.95">230</td>
</tr>
<tr>
<td title="Character Accurarcy=99.24">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.9">229</td>
</tr>
<tr>
<td title="Character Accurarcy=99.67">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=99.09">USD2,109,508.47</td>
</tr>
<tr>
<td title="Character Accurarcy=98.91">Amount Allotted :</td>
<td title="Character Accurarcy=99.33">USD2,099,695.45</td>
</tr>
<tr>
<td title="Character Accurarcy=98.55">Highest Rate Received :</td>
<td title="Character Accurarcy=99.25">655.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=98.63">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=98.38">570.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.01">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.76">613.3681</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.83">PURPOSE</td>
<td title="Character Accurarcy=99.84">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.62">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Raw Materials</td>
<td title="Character Accurarcy=99.89">544,543.20</td>
<td title="Character Accurarcy=99.88">5,481,712.32</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.9">664,958.47</td>
<td title="Character Accurarcy=99.86">2,897,448.71</td>
</tr>
<tr>
<td title="Character Accurarcy=99.32">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.97">286,454.89</td>
<td title="Character Accurarcy=99.93">781,648.34</td>
</tr>
<tr>
<td title="Character Accurarcy=99">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.97">288,805.86</td>
<td title="Character Accurarcy=99.95">1,095,578.45</td>
</tr>
<tr>
<td title="Character Accurarcy=99.4">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.75">163,244.46</td>
<td title="Character Accurarcy=99.95">766,563.72</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Electricity</td>
<td title="Character Accurarcy=99.89">51,255.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.89">92,325.75</td>
<td title="Character Accurarcy=99.78">353,813.31</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Paper and Packaging</td>
<td title="Character Accurarcy=99.93">59,362.82</td>
<td title="Character Accurarcy=99.92">134,546.44</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">TOTAL</td>
<td title="Character Accurarcy=99.91">2,099,695.45</td>
<td title="Character Accurarcy=99.89">11,562,566.29</td>
</tr>
<tr>
<td title="Character Accurarcy=99.84">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=99.84">13,662,261.74</td>
</tr>
</tbody>
</table>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZW$ 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 of 9 September 2022 was ZW$568.1885.
</blockquote>

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 20 September 2022

The value of the Zimbabwe dollar has continued to fall 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.
Data released by the central bank following the forex auction conducted on Tuesday, 01 February 2022 indicates that the local currency fell by $1.2277 against the US dollar.
This week the weighted average was US$1: ZWL116.6500 down from the 25 January 2022 rate that stood at US$1: ZWL$ $115.4223.
In total, US$37,548,580.33 was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is a little bit lower than the US$38 775 772.07 million allotted last week.
901 bids were received on the Small to Medium enterprises forex auction, with 783 accepted and 118 disqualified. The total number of bids allotted was 783.
<div class="google-auto-placed ap_container">
On the main forex auction, a total of 546 bids were received, 460 were accepted and 86 were disqualified. The total number of bids allotted was 437.
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.
<table class="table table-bordered table-hover" id="table_2" style="width: 99.8684%; height: 30px;">
<tbody>
<tr>
<td style="width: 40.034%;" title="Character Accurarcy=99.52"> </td>
<td style="width: 29.4284%;" title="Character Accurarcy=99.94">SMEFX73/2022</td>
<td style="width: 118.123%;" title="Character Accurarcy=99.99">MAIN FX79/2022</td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_2" style="width: 99.9248%;">
<tbody>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.52">Number of Bids Received :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=99.94">901</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.99">546</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.64">Number of Bids Disqualified :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=99.94">118</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.99">86</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.8">Total Number of Bids Accepted :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=99.95">783</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.94">460</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.87">Total Number of Bids Allotted :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=99.97">783</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.93">437</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.65">Total Value of Bids Accepted :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=98.91">USD6,773,484.47</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.57">USD32,275,383.86</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.38">Amount Allotted :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=98.72">USD6,773,484.47</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.6">USD30,775,095.86</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.16">Highest Rate Received :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=97.88">130.0000</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.48">132.5000</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.48">Lowest Bid Rate Received :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=99.33">107.0000</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.9">108.0000</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.52">Lowest Bid Rate Allotted :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=99.64">107.0000</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=99.77">112.8200</td>
</tr>
<tr>
<td style="width: 40.0467%;" title="Character Accurarcy=99.5">Weighted Average Rate :</td>
<td style="text-align: center; width: 29.2255%;" title="Character Accurarcy=99.91">116.6500</td>
<td style="text-align: center; width: 114.864%;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
</div>
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.75">PURPOSE</td>
<td style="text-align: center;" title="Character Accurarcy=99.8">AMOUNT ALLOTTED SME AUCTION</td>
<td style="text-align: center;" title="Character Accurarcy=99.88">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Raw Materials</td>
<td style="text-align: center;" title="Character Accurarcy=99.91">1,584,646.80</td>
<td style="text-align: center;" title="Character Accurarcy=99.84">13,258,231.07</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td style="text-align: center;" title="Character Accurarcy=99.84">2,147,777.51</td>
<td style="text-align: center;" title="Character Accurarcy=99.83">7,024,692.98</td>
</tr>
<tr>
<td title="Character Accurarcy=99.68">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">961,908.64</td>
<td style="text-align: center;" title="Character Accurarcy=99.84">2,750,638.64</td>
</tr>
<tr>
<td title="Character Accurarcy=99.34">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.88">1,053,903.16</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">1,922,356.55</td>
</tr>
<tr>
<td title="Character Accurarcy=99.45">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">554,044.11</td>
<td style="text-align: center;" title="Character Accurarcy=99.8">3,491,211.10</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Electricity</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">10,000.00</td>
<td style="text-align: center;" title="Character Accurarcy=0"> </td>
</tr>
<tr>
<td title="Character Accurarcy=99.74">Pharmaceuticals and Chemicals</td>
<td style="text-align: center;" title="Character Accurarcy=99.78">314,122.62</td>
<td style="text-align: center;" title="Character Accurarcy=99.84">1,490,692.27</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Paper and Packaging</td>
<td style="text-align: center;" title="Character Accurarcy=99.9">147,081.63</td>
<td style="text-align: center;" title="Character Accurarcy=99.8">837,273.25</td>
</tr>
<tr>
<td title="Character Accurarcy=99.81">TOTAL</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">6,773,484.47</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">30,775,095.86</td>
</tr>
<tr>
<td title="Character Accurarcy=99.89">GRAND TOTAL AWARDED</td>
<td style="text-align: center;" title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.9">37,548,580.33</td>
</tr>
</tbody>
</table>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

RBZ Forex Auction Results – 01 February 2022

RBZ Foreign Currency Auction System Latest News

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