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Zimbabwe’s currency woes persist as retailers continue to implement a three-tier pricing system for products, that is, three different prices for the same product based on the payment method.
The local currency, the ZiG, was introduced on April 5, 2024, and initially performed well, but its value declined significantly after four months due to widening parallel market rates.
In September, the Reserve Bank of Zimbabwe intervened by devaluing the currency by 43% and increasing interest rates to curb speculative borrowing.
However, a recent survey by <a href="https://www.newzimbabwe.com/zimbabwes-gold-backed-zwg-currency-still-in-the-woods-as-retailers-insist-on-three-tier-pricing/">NewZimbabwe.com</a> revealed that many retailers in Harare’s Central Business District are still facing challenges with the local currency.
Retailers demand exclusive US$ prices for certain products while maintaining the three-tier pricing strategy based on the payment method.
Some retail outlets continue to limit the number of products that can be paid for in ZWG currency, complicating local currency purchases.
The local currency has undergone six name changes but has yet to achieve stability, confidence, trust, or sustainability.
Its previous iterations include the original currency post-independence, that is, the Zimbabwe dollar, then later bearers’ cheques, traveller’s cheques, bond notes, RTGS dollars, and now ZiG.
Launched on April 5, ZiG is already experiencing a similar trajectory toward collapse and freefall just five months later.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Retailers in Zimbabwe are still using three-tier pricing for products, based on how they are paid for. The local currency, ZiG, started strong but lost value due to market rates. The Reserve Bank tried to help by devaluing the currency and increasing interest rates. Retailers in Harare still struggle with the local currency. Some only accept US$ for certain products. The currency has changed names six times but is still unstable. ZiG is already facing collapse, just five months after it started.

Retailers Persist With Three-Tier Pricing As ZiG Falters

The Reserve Bank of Zimbabwe (RBZ) has urged traders, including commuter omnibuses, shops, fresh vegetable markets, and vendors, to continue accepting Zimbabwe dollar notes until April 30, 2024.
The majority of service providers and shops no longer accept Zim dollar notes, leading to a “change crisis.” As a result, prices are now being rounded off to US$1, making goods and services more expensive.
In a statement issued this Wednesday by the Central Bank, Governor John Mushayavanhu reiterated that the Zim dollar remains legal tender. Reads the statement:
<blockquote>
ZIMBABWE DOLLAR NOTES CO-CIRCULATING WITH ZiG AND OTHER CURRENCIES
Further to the Reserve Bank’s Press Statement of 6 April 2024 on currency conversion from ZW$ to ZiG, the banking sector and payment service providers have made significant and satisfactory progress, in this regard.
Commendably, over 90% of the banking institutions and mobile bank service providers have successfully configured their systems and processes from ZW$ to ZiG, with banking services now being accessible for the convenience of the transacting public.
The Reserve Bank is also encouraged by the positive response and enthusiasm from the business community and the public at large to embrace and use ZiG.
The Reserve Bank has, however, taken note of the concerns of the public emanating from the rejection of the ZW$ notes to be demonetised, which has resulted in the unavailability of “change”, thus forcing businesses, mainly commuter omnibuses to round off prices to US$1.
In this context, the Reserve Bank would like to reiterate that the ZW$ notes currently in circulation are still valid and remain legal tender until 30 April 2024.
Accordingly, the ZW$ notes should continue to be used for transactional purposes at the announced ZiG/ZW$ conversion factor of 2498.7242.
Business entities where the notes have been widely used, including commuter omnibuses, shops, fresh vegetable markets, and vendors, are advised to continue accepting payment in ZW$ notes until 30 April 2024.
For the avoidance of doubt, the Bank advises the public and businesses that the Know Your Customer (KYC) transaction limit of ZW$100,000 does not apply to proceeds from legitimate business transactions during the transition period to 30 April 2024.
The Reserve Bank wishes to advise the public that the educational and awareness campaign on the transition from the ZW$ to the use of ZiG in the market is currently underway and expected to be all-inclusive, reaching out to a wider spectrum of society by the 30th of April 2024, in line with the Bank’s financial inclusion strategy.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Urges Kombis, Vendors To Accept "Bond Notes"

The Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has reiterated that the Zimbabwe dollar remains legal tender for all domestic transactions until April 30, when the Zimbabwe Gold (ZiG) notes and coins will come into circulation.
This comes after some traders, public transport operators and members of the public, stopped accepting the Zimbabwe dollar notes in response to the introduction of the “structured currency”.
During a 2024 Monetary Policy Statement breakfast meeting in Harare on Tuesday, 09 April, Mushayavanhu said that Zim dollar notes remain legal tender, and banks can continue to dispense them to their customers. He said:
<blockquote>
Between now and April 30, 2024, the bond notes are still legal tender; banks can pay them out to customers, and people should be able to use those to transact and for change. It is only after the 30th that we will be introducing the new notes and coins.
On Saturday, a day after he announced the launch of ZiG, Mushayavanhu said that the central bank will conduct an extensive educational and awareness campaign on the new currency’s structure and security features before the notes and coins are released on April 30.
</blockquote>
The central bank chief on Tuesday also sought to assure the public that ZiG was going to be a stable currency. He said the new currency had already started appreciating after gaining in Monday and Tuesday trading sessions on the interbank market. He said:
<blockquote>
If you are a retailer and you put a 10 per cent margin, you are most likely to be outside the market. You cannot put 10 per cent on top of a stable exchange rate, so you are going to moderate yourselves.
If you do not apply it and take the interbank exchange rate, you are not flouting the law, but if you apply more than 10 percent, you will be above the official exchange rate of 13,50 ZiG and (You will be around) probably 14 ZiG, hence you will price yourself out of business and will not be able to sell your products.
</blockquote>
Mushayavanhu said Statutory Instrument 185 of 2020 which authorises dealers and the market to price goods and services based on the prevailing interbank market rate plus a margin of up to 10 percent should be withdrawn.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimdollar Remains Legal Tender Until 30 April - RBZ

Harare vendors now refuse Zimbabwe dollar notes, commonly known as bond notes, due to the introduction of the new ZiG dollar.
Consequently, consumers must purchase items not on their shopping lists because traders cannot provide change for amounts less than US$1.
Despite RBZ Governor John Mushayavanu’s declaration that old notes would no longer be legal tender by the end of April, traders continue to reject them.
Moreover, Mushayavanhu said ZiG notes and coins will begin circulating in the economy on April 30, 2024, to allow the Reserve Bank to undertake an intensive educational and awareness campaign on the key security features of the ZiG notes and coins.
In an interview with <a href="https://www.newzimbabwe.com/informal-traders-reject-bond-notes-as-market-quickly-reacts-to-new-rbz-monetary-policy/">NewZimbabwe.com</a>, Jane Makura, a vendor from the Dzivarasekwa high-density suburb, expressed sentiments likely shared by many ordinary citizens. She said:
<blockquote>
I do not know whether bond notes still work. What if I let people use them at my stall and later know they are now worthless?
This is another mistake. They should just let us trade in US dollars and leave this culture of changing currencies and removing zeros.
</blockquote>
Most tuckshops in Dzivarasekwa, Warren Park and Highfields and other high-density suburbs are no longer taking the banknotes.
The new ZiG, described by NewzWire as “Mushayavanhu’s clever way of removing zeros from Zimbabwe’s currency”, has been introduced at an exchange rate of US$1 to ZiG$13.5.
Last week, economist Gift Mugano said the new currency failed before it was launched mainly because it was not backed by sufficient reserves.
Mugano outlines seven factors which he believes will undermine ZiG namely (1) a large informal sector (+80% of the economy); (2) drought of confidence; (3) drought of production; (4) printing of money &amp; excessive liquidity caused by treasury; (5) lack of national cohesion and consensus; (6) lack of policy clarity; and (7) external shocks (drought &amp; subdued commodity prices).
Meanwhile, most major retail outlets such as supermarkets are still taking the Zimdollar notes.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Informal Traders Reject Zimdollar Notes

The Government of Zimbabwe has replaced the Zimbabwe dollar with a new unit called the ZiG backed by a basket of foreign currency and gold.
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu told a press conference in Harare on Friday, 05 April, that the ZiG, short for Zimbabwe Gold, would be launched on April 8 at an introductory level of 13.56 per dollar and a new interest rate set at 20%.
In his maiden monetary policy statement Mushayavanhu said all Zimdollar prices in the shops must now be converted to the new ZiG.
Mobile operators, such as money transfer services, have until Monday to shift their platforms to the new ZiG. All Zimdollar balances will now be converted to this new currency. Said Mushayavanhu:
<blockquote>
With effect from 5 April 2024, banks shall convert the current Zimbabwe dollar balances into the new currency which shall be called Zimbabwe Gold (ZiG) to foster simplicity, certainty, and predictability in monetary and financial affairs.
The new currency will co-circulate with other foreign currencies in the economy. The swap rate will be guided by the closing interbank exchange rate and the price of gold as at 5 April 2024.
The swap rate shall be used to make legitimate conversions of all ZW$ deposits in the banking sector; all ZW$ loans and advances made by the sector; ZW$ treasury bills; all outstanding auction allotments; all export surrender obligations; all prices of goods and services in ZW$; and any other ZW$ denominated obligations.
On conversion of all current ZW$ balances, banks are directed to rename all the current ZW$ accounts as ZiG accounts.
Gold-backed Digital Token (GBDT) accounts will no longer be called ZiG accounts but will be known as GBDT accounts.
All ZW$ notes and coins held by account holders will be credited into their ZiG accounts using the applicable conversion factor.
The banks will continue to accept these deposits for a period of 21 days after 5 April 2024. The Reserve Bank has made special arrangements for those without bank accounts to swap their ZW$ notes and coins at POSB and AFC Commercial Bank within 21 days after 5 April 2024.
In instances where the cash holding to be exchanged is above ZW$100,000, banks shall apply the requisite know your customer (KYC) and Customer Due Diligence (CDD) principles.
</blockquote>
Mushayavanhu also said the central bank will only print money that is fully backed by forex reserves or assets, and that he will make sure that the currency is fully convertible into the reserve currency on demand. He said:
<blockquote>
The introduction of the new structured currency will naturally require the issuance of new banknotes to facilitate transactions in the economy, whilst maintaining the Bank’s policy of a cash-lite economy.
These notes shall be issued gradually in the market to cater for small transactions and to ensure the availability of change, thus, mitigating the use of retail vouchers in the local economy. As such, the proposed denominations will bring convenience to the transacting public.
Accordingly, ZiG notes and coins shall be issued in denominations made up of 1ZiG, 2ZiG, 5ZiG, 10ZiG, 20Zig, 50ZiG, 100ZiG, and 200ZiG which will be distributed through the usual normal banking channels and, will be fully covered by the quantity and value of gold and foreign currency held as reserves. The currency denominations are also informed by the intervening exchange rate of the ZiG to the US$.
</blockquote>
The USD remains legal tender, and the multicurrency system will stay until at least 2030.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

All Zimdollar Balances To Be Converted To ZiG - RBZ

On Thursday, President Emmerson Mnangagwa decided to retire Reserve Bank of Zimbabwe (RBZ) governor John Mangudya a month ahead of schedule. This move was aimed at providing space for his successor, John Mushayavanhu, to issue a long-awaited Monetary Policy Statement (MPS), as reported by <a href="https://www.newsday.co.zw/local-news/article/200024983/why-mnangagwa-cut-short-mangudyas-reserve-bank-stay">NewsDay</a>.
Mushayavanhu is anticipated to devise new strategies to stabilize the economy, which is grappling with surging inflation and significant depreciation of the local currency.
According to NewsDay, a source revealed that Mnangagwa found himself compelled to take action after prematurely disclosing the government’s intentions to introduce a structured currency. Said the source:
<blockquote>
It would not have made sense to allow Mangudya to release a Monetary Policy Statement (MPS) when he will be leaving office in a month.
In addition, monetary authorities were under pressure to release the MPS after President Mnangagwa jumped the gun by announcing plans for a structured currency. The announcement caught everyone by surprise.
</blockquote>
Next week, Mushayavanhu is set to unveil the highly anticipated Monetary Policy Statement (MPS), wherein he will delve into the structured currency—a potential long-term remedy for the woes faced by the Zimbabwe dollar.
On Thursday, Deputy Minister of Finance, Economic Development, and Investment Promotion, Kudakwashe Mnangagwa, alluded to forthcoming measures aimed at shoring up the local currency.
Posting on the Ministry’s X page, Mnangagwa advised Zimbabweans against disposing of the Zimdollar. He wrote:
<blockquote>
We have been receiving enquiries about the surge in the exchange rate, which right now can be attributed to the anxiety and anticipation of the upcoming Monetary Policy Statement which is around the corner.
If I were to irresponsibly give unsolicited advice, I would urge Zimbabweans with their hard-earned ZWL not to hedge against it.
Government is committed to ensuring that there will be no loss of value through the introduction of currency stabilisation measures.
</blockquote>
In a notice published in the Government Gazette yesterday, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said:
<blockquote>
It is hereby notified that His Excellency the President has, in terms of section 14 of the Reserve Bank of Zimbabwe Act [Chapter 22:15] appointed John Mushayavanhu as the governor of the Reserve Bank of Zimbabwe for a period of five years beginning on March 28, 2024 and ending on March 27, 2029.
</blockquote>
In December 2023, Mnangagwa appointed Mushayavanhu as Mangudya’s successor. His official start date was May 1, immediately following the end of Mangudya’s term.
Mangudya’s term was scheduled to conclude on April 30, at which point he would transition to his new role as the Chief Executive Officer of the Mutapa Investment Fund on May 1.
Mushayavanhu faces the formidable challenge of halting the Zimdollar’s rapid depreciation. Over the past three months, it has plummeted by more than 250%, and last year alone, the local currency depreciated by a staggering 700%.
Despite previous efforts, the government’s measures to stabilize the local currency have proven ineffective.
Back in 2022, when the government introduced gold coins to absorb excess local currency, the Zim dollar was trading at a rate of US$1 to ZWL$2,000 on the parallel market.
By yesterday, March 28, 2024, the parallel market rate had surged to ZWL$30,000 per US$1.
The depreciation of the currency has driven up prices, resulting in annual inflation skyrocketing to 55.3% in March from 47.62% in February.
Interestingly, inflation has continued to rise even though more than 80% of transactions now occur in United States dollars.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Here Is What Prompted Mnangagwa To Cut Short Mangudya’s RBZ Tenure

Deputy Minister of Finance, Economic Development, and Investment Promotion, David Kudakwashe Mnangagwa, has addressed growing concerns over the sudden surge in Zimbabwe’s exchange rate.
In a statement issued this Thursday, March 28, Mnangagwa said the delay in releasing the monetary policy statement (MPS) has fuelled anxiety and curiosity among citizens.
Mnangagwa said Zimbabweans who hold the local currency should avoid hedging against it to protect themselves from potential losses adding that the government remains committed to maintaining currency stability. Reads the statement:
<blockquote>
We have been receiving enquiries about the surge in the exchange rate, which right now can be attributed to the anxiety and anticipation of the upcoming Monetary Policy Statement which is around the corner.
If I were to irresponsibly give unsolicited advice, I would urge Zimbabweans with their hard-earned ZWL not to hedge against it.
Government is committed to ensuring that there will be no loss of value through the introduction of currency stabilisation measures.
</blockquote>
Examples of currency hedging include currency forward contracts, which are straightforward agreements to exchange a specific amount of one currency for another at a predetermined exchange rate on a future date.
Critics say the Zimbabwean economy is akin to an aeroplane on autopilot — nobody knows where it is headed or where it will land.
The southern African country is grappling with hyperinflation, currency instability, company closures, job losses, and power shortages, among a myriad of other challenges.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Committed To Saving Zimbabwe Dollar, Says Kuda Mnangagwa

Zimbabwean annual inflation rose to 55.3% this month from 47.6% in February, which is a seventh-month high, reported <a href="https://www.bnnbloomberg.ca/zimbabwe-inflation-rate-hits-seven-month-high-as-finance-minister-pledges-to-act-1.2052151">Bloomberg</a>.
The announcement by the Zimbabwe National Statistics Agency (ZIMSTAT) on Wednesday, March 27, comes days after the Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, pledged to address price increases that are being fueled by the country’s free-falling currency.
Prices rose 4.9% in the month, compared with 5.4% in February.
According to ZIMSTAT, the main contributors to the surge were the cost of food and utilities including housing.
Ncube said at the weekend that the authorities are aware of ongoing price instability in Zimbabwe and monetary policymakers are preparing a statement that will deal with the challenges. He said:
<blockquote>
We are aware that there is currency instability in the main, which then impacts prices. As government, we will act.
</blockquote>
The Zimbabwean dollar has depreciated against the United States dollar every trading day this year.
It weakened 72% in that period, making it the world’s second-worst-performing currency, after the Lebanese pound. Said Ncube:
<blockquote>
In the not-so-distant future, we will be able to make the relevant announcement through a monetary policy statement from the central bank.
We will make sure that we do the right thing and that the new announcement will engender the stability that is needed because we will put in a monetary mechanism that will ensure that we have stability going forward.
</blockquote>
In 2019, the government reintroduced the Zimbabwean dollar after a decade of dollarization. However, the currency rapidly lost value, leading to challenges.
Recently, the central bank and finance ministry have been actively working on additional measures to stabilize the Zimbabwean dollar.
President Emmerson Mnangagwa mentioned the possibility of introducing a “structured currency,” although details were not provided.
Despite these efforts, confidence in the local currency remains low, and economic agents continue to prefer the U.S. dollar.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe’s Inflation Rate At Its Highest In Seven Months

OK Zimbabwe, one of the country’s major retail chains, ensures that its exchange rates are regularly updated to reflect the prevailing rates at the time of customer transactions.
In response to a customer’s inquiry regarding pricing discrepancies, OK Zimbabwe clarified that the rate displayed in the shop may not always align with the rate used at the checkout counter, as exchange rates fluctuate throughout the day. Queried the customer:
<blockquote>
I am a loyal OK customer, where everyone is a winner. I have a question. Would you care to explain your pricing disparities. In every branch of yours there is a chart displaying the USD/ZWL exchange rate.
Your prices are marked in USD. Paunosvika patill uchihibhadhara with ZWL you would naturally expect to pay using the displayed rate, asi hazvisirizvo zvinoitika, hameno language inotanga kutaurwa and you pay using a different rate, I was made to understand that the rate differs from product to product. Ndizvo here?
Is it possible to be transparent about the cross rate formula? Hamukwanise kuita zvinoitwa kuPick n Pay, displaying both USD and ZWL price?
</blockquote>
OK Zimbabwe’s response shows that the retail chain changes prices constantly in line with the movement of the exchange rate. It said:
<blockquote>
Our rates are updated based on the prevailing rates at the time of your transaction. However, the exchange rate might change in our system before we can update our displays.
</blockquote>
Another customer said he has stopped shopping at OK because one doesn’t know the price of a product until one gets to the till.
The depreciation of the Zimbabwe dollar can lead to exchange losses for retailers when converting foreign currency purchases back to the local currency. This affects the overall profitability of retailers.
Retailers are, therefore, forced to adjust prices frequently to keep up with rising costs.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

OK Zimbabwe Clarifies Pricing Disparities

Zimbabwe is taking steps to stabilise its local currency as it faces economic challenges. Finance Minister Mthuli Ncube recently announced plans to link the exchange rate of the Zimbabwean dollar to hard assets like gold and establish a currency board, <a href="https://www.reuters.com/world/africa/zimbabwe-announce-new-money-supply-growth-mechanisms-create-currency-board-2024-02-12/">Reuters</a> reported. The Zimbabwean dollar has experienced a significant decline of around 40% since the beginning of the year due to factors such as increased foreign currency demand from civil servants receiving December bonuses and lower commodity prices affecting inflows.
President Emmerson Mnangagwa also stated recently, the government’s intention to introduce a “structured currency” without providing details, and the central bank governor confirmed that work is in progress. Minister Ncube explained that the aim is to manage liquidity growth, which is closely tied to money supply growth and inflation. By linking the exchange rate to a hard asset like gold, a currency board system would be implemented to limit the growth of domestic liquidity based on the value of the asset backing the currency.

<ul>
<li><a href="https://www.pindula.co.zw/2024/02/06/president-mnangagwa-says-currency-reforms-coming-to-restore-economic-stability/">President Mnangagwa Says Currency Reforms Coming To Restore Economic Stability</a></li>
<li><a href="https://www.pindula.co.zw/2024/02/11/zimbabwe-treasury-pursues-permanent-solution-to-address-currency-and-price-distortions-mnangagwa/">Zimbabwe Treasury Pursues “Permanent Solution” To Address Currency And Price Distortions – Mnangagwa</a></li>
</ul>
Minister Ncube stated that further announcements regarding these measures will be made in the future, expressing confidence that they will provide a long-term solution to currency volatility. He said in a press briefing:
<blockquote>
The idea going forward is to make sure that we manage the growth of liquidity which has a high correlation to money supply growth and inflation. The way to do that is to link the exchange rate to some hard asset such as gold.
To do that you have to have some sort of currency board type system in place where the growth of the domestic liquidity is constrained by the value of the asset that is backing the currency.
</blockquote>
Zimbabwe, still haunted by memories of hyperinflation during Robert Mugabe’s regime, relaunched its local currency in 2019 after a period of dollarisation. However, the currency rapidly lost value, leading authorities to reintroduce the use of foreign currencies in domestic transactions.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Intends To Link The Exchange Rate To Hard Assets Including Gold

Finance, Economic Development and Investment Promotion Minister Mthuli Ncube says he soon will announce new interventions to deal with the recent volatility affecting the Zimbabwe dollar.
Speaking to <a href="https://www.sundaymail.co.zw/fresh-measures-to-prop-up-zimdollar">The Sunday Mail</a>, Ncube attributed the weakening of the local currency in the past few weeks to speculative behaviour and scarcity of hard currency in the market during “this high-demand season”.
He said the measures to prop up the ailing currency may include reforming the foreign currency auction system. He said:
<blockquote>
Currency volatility is being caused by speculative behaviour in the market and a shortage of foreign currency during this high-demand season.
The government will be taking further fiscal and monetary policy measures, which may include auction redesign to deal with the volatility.
The government will also increase the supply of foreign currency at a time when demand for it is high.
</blockquote>
The Zimbabwe dollar has lost significant ground to the United States dollar during the first three weeks of 2024.
The street rate weakened from US$1:$9 800 during the last week of December to US$1: $13 000 last week.
On the official market, the rate stood at US$1: 5 903 on 29 December and has since declined to US$1: $8 331.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Set To Announce New Measures To Stabilise Zimbabwe Dollar

American economist Professor <a href="https://www.pindula.co.zw/Steve_H._Hanke">Steve Hanke</a> has declared Zimbabwe’s currency as the weakest in the world adding that the southern African nation has the highest inflation rate globally. According to Hanke’s currency watchlist, on January 12, 2024, the Zimbabwe dollar traded at ZWL$12,500 per US$1 and had lost 92% of its value since January 1, 2023.
<img alt="" class="wp-image-269804 aligncenter" decoding="async" height="326" loading="lazy" sizes="(max-width: 451px) 100vw, 451px" src="https://news.pindula.co.zw/wp-content/uploads/2024/01/Steve-Hanke-currency-watchlist-300x217.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2024/01/Steve-Hanke-currency-watchlist-300x217.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Steve-Hanke-currency-watchlist-768x556.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Steve-Hanke-currency-watchlist.jpg 936w" width="451"/>

<ul>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/12/29/zimbabwe-experienced-a-sharp-increase-in-food-inflation-in-december/">Zimbabwe Experienced A Sharp Increase In Food Inflation In December</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/11/27/zimbabwes-month-on-month-inflation-jumps-to-4-5-in-november/">Zimbabwe’s Month-on-month Inflation Jumps To 4.5% In November</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/11/10/economist-mugano-calls-for-frank-discussion-on-zimbabwes-inflation-exchange-rate-currency/">Economist Mugano Calls For Frank Discussion On Zimbabwe’s Inflation, Exchange Rate, Currency</a></li>
</ul>
Journalist <a href="https://www.pindula.co.zw/Hopewell_Chin'ono/">Hopewell Chin’ono</a> responded to Hanke’s report, stating that it vindicates his previous statements about the poor state of the Zimbabwean currency. Chin’ono argued that Zimbabwe has become the riskiest place to invest in Africa, with an unemployment rate of 95%. He emphasised that the significant depreciation of the Zimbabwean dollar is an undeniable economic fact, reflecting the country’s overall economic performance.
Chin’ono attributed the economic challenges to corruption, incompetence, inconsistent policies, lack of the rule of law, misuse of state institutions, and failure to attract investment. Consequently, Zimbabweans have lost trust in the government, leading them to bank their savings in other countries or keep them hidden to protect against institutional corruption. He said:
<blockquote>
The Zimbabwean dollar lost 92% of its buying power in the last 12 months making it the weakest currency in the world, this is not an opinion, this is an economic fact backed up by data. A currency is a direct reflection of how a country’s economy is performing, as the Ghanaian Vice-President Dr Mahamudu Bawumia famously said; “…when in doubt (of how the economy is performing), check the currency.” We can’t run away from the fact that economic indicators such as inflation rates and currency strength or weakness are critical reflections of a country’s economic performance. So naturally the economic challenges faced by Zimbabwe as reflected in the weakening currency and high inflation indicate deep underlying economic issues…
This explains why Zimbabweans mostly bank their savings in South Africa and those who can in Europe and America, they have correctly lost trust in the Government. Those who can’t travel bank it under the pillow to avoid losing it to institutional corruption. Our country is now in the top ten worst governed countries, it is also now officially the riskiest country to invest in Africa according to global risk assessment economic organisations, even riskier than African countries at war. The average Zimbabwean doesn’t keep their hard currency in the bank for fear of losing it simply because the trust between the governing authorities and the citizens broke down after two cycles of citizens losing their savings and pensions in Zimbabwean banks due to corrupt government policies.
</blockquote>
In addition to economic challenges, Zimbabwe struggles with issues such as cholera outbreaks, inadequate healthcare facilities, and the imprisonment of critics and political opponents. Chin’ono highlights the government’s tendency to deflect blame onto external factors like sanctions while ignoring internal issues such as the smuggling of gold by ZANU PF elites and their associates. He says Zimbabwe has transformed into a “mafia state” and unless fundamental changes occur, economic recovery will remain elusive.
The Zimbabwe dollar has a turbulent history. It replaced the Rhodesian dollar when Zimbabwe gained independence in 1980. Initially, it had a similar value to the US dollar. However, economic problems led to excessive money printing and high inflation. In 2008, hyperinflation hit, making the Zimbabwe dollar almost worthless. To stabilise the economy, then-Finance Minister <a href="https://www.pindula.co.zw/Patrick_Chinamasa/">Patrick Chinamasa</a> introduced the multi-currency regime in 2009. However, in June 2019, the Zimbabwe dollar returned as the main currency. The government stated that it was equivalent to the United States dollar. Yet, it faced ongoing challenges, with high inflation and loss of value. Today, it’s considered the weakest currency globally, struggling to regain stability and trust.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Has The Weakest Currency And Highest Inflation In The World - Professor Hanke

The Zimbabwe dollar fell by 21% this week on the official market, a drop that leaves the currency 91% weaker than it was this time last year, reported <a href="https://newzwire.live/the-zimdollar-is-now-over-90-weaker-than-it-was-a-year-ago-here-is-why-its-likely-to-get-even-worse/">newZWire</a>.
The Zim dollar traded at ZWL$8 240 per US dollar on Thursday, down from ZWL$6 467 earlier this week, according to Reserve Bank of Zimbabwe (RBZ) data.
This means that the official rate is now more than 91% down over the past year on both the official and black markets.
The Zim dollar started 2023 at ZWL$705 to the USD on the official market and around Z$1 000 at the black market.
Persistence Gwanyanya, a member of RBZ’s monetary committee, was cited by Bloomberg as saying authorities are trying to narrow a widening gap between the formal rate and the street rate.
He said authorities see a gap of 10% to 20% between the official and unofficial exchange rates as acceptable.
Gwanyanya said the depreciation of the Zim dollar was a result of a softening of global commodity prices and the end of tobacco sales, which have slowed US dollar inflows into the economy. He said:
<blockquote>
Even this quarter, our situation will not have got to normal. We will need to manage the demand side, that is deal with the demand for forex and judiciously allocate resources.
</blockquote>
Gwanyanya said that with the recent depreciation, the “equilibrium has been disturbed” as the gap between official and unofficial markets exceeds the 10% to 20% range set by authorities. He added:
<blockquote>
We will now be seized with re-establishing the equilibrium.
</blockquote>
Currently, businesses are allowed to charge prices within a 10% margin of the official exchange rate.
In a policy paper to the Government, the Confederation of Zimbabwe Industries (CZI) proposed that they be allowed to set prices at 20% below the market exchange rate.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Is Now Over 90% Weaker Than It Was A Year Ago

The Zimbabwe dollar shed $18.57 to average $5 774.2758 to the United States dollar at the foreign exchange auction conducted this Tuesday, 21 November 2023.
The local currency has been on a decline against the greenback over the past several weeks but the rate of decline has slowed down with most of the transactions now in foreign currency.
Today, the total amount on offer was US$20 000 000.00 but US$17 309 350.08 was allotted.
18 bids totalling US$$17 309 350.08 were received and all the bids received allotments.
The highest rate received was ZWL$5 792.0000, while the lowest bid rate allotted was 5 760.0000.
The highest amount allotted for the Retail Auction was for raw materials (US$866 444.48) followed by machinery and equipment (US$586 565.83).
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F_dAbrJWUAAk54y?format=jpg&amp;name=4096x4096"/>
More: <a href="https://www.pindula.co.zw/2023/11/18/president-mnangagwa-reverses-the-appointment-of-general-valerio-sibanda-to-zanu-pf-politburo/">Pindula News</a>

Zimbabwe Dollar Moves To $5 774.28 Against The US Dollar

Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said that he will prioritise stabilising the Zimbabwe dollar when he announces the 2024 National Budget later this month.
Ncube told <a href="https://www.sundaynews.co.zw/government-to-prioritise-zimbabwe-dollar-stability/">State media</a> that the $44 trillion 2024 national budget will anchor the next phase of the National Development Strategy 1. Said Ncube:
<blockquote>
The budget is running under the theme of consolidating economic transformation. The economy has gone through considerable transformation over the last five years.
So, under this budget of about $44 trillion, we want to target specific areas.
The first area is stability; the budget must speak to stability, such as currency stability, which we need in order to develop.
The second is infrastructure development, right across water infrastructure, roads, energy and particularly rail infrastructure.
In this budget, we will allocate funds for the resuscitation of rail infrastructure.
</blockquote>
He said funds will also be appropriated for value addition in mining, agriculture and manufacturing.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

$44 Trillion 2024 National Budget To Prioritise Zim Dollar Stability - Mthuli

The Zimbabwe dollar depreciated slightly against the United States dollar at the foreign exchange auction conducted on Tuesday, 07 November 2023.
According to the Reserve Bank of Zimbabwe (RBZ), this week, the weighted average moved to ZWL$5 738.7217 per US$1.00 Last week the weighted average was ZWL$5 718.4090.
Today, the total amount on offer was US$20 000 000.00 but US$17 460 100.00 was allotted, down from the US$17 798 011.00 allotted last week.
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20 bids totalling US$17 460 100.00 were received and all the bids received allotments.
The highest rate was ZWL$5 775.0000, the same as last week,  while the lowest bid rate was 5 722.0000, up from ZWL$5 700.0000 that was offered last week.
The highest amount allotted for the Retail Auction was for machinery and equipment (US$610 987.82) followed by raw materials (US$582 700.58).
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<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F-VNRekWAAA0LKW?format=jpg&amp;name=4096x4096"/>

Zimbabwe Dollar Official Rate Moves To $5 738 Per US$1

The official foreign currency exchange rate moved to ZWL$5 718.4090 per US$1.00, on Tuesday, 31 October.
On 24 October, the weighted average was ZWL$5 693.7825 according to the Foreign Exchange Auction Results announced by the Reserve Bank of Zimbabwe.
The total amount on offer yesterday was US$20 000 000.00 but US$17 798 011.00 was allotted.
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19 bids totalling US$17 798 011.00 were received and all the bids received allotments.
The highest rate was ZWL$5 775.0000 while the lowest bid rate was ZWL$5,700.0000.
The highest amount allotted for the Reail Auction was for raw materials followed by machinery and equipment.
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<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F9w8fVeWwAARgRi?format=jpg&amp;name=4096x4096"/>

Zimbabwe Dollar Official Rate Now $5 718 Per US$1

According to FBC Securities, a prominent securities firm, people in Zimbabwe still lack confidence in the local currency. This is because they have experienced situations in the past where the currency lost its value rapidly due to high inflation. These instances, particularly in 2008 and 2019, resulted in significant financial losses for individuals and businesses.

<ul style="list-style-type: circle;">
<li><a href="https://www.pindula.co.zw/2021/07/17/worthless-zw50-note-evokes-memories-of-the-2008-era/">“Worthless” ZW$50 Note Evokes Memories Of The 2008 Era</a></li>
</ul>
The lack of confidence in the currency is seen as the main reason for the unstable exchange rates, capital leaving the country, and persistently high inflation rates that are difficult to manage, <a href="https://www.newsday.co.zw/business/article/200018454/trust-issues-torment-zimdollar">NewsDay</a> reported citing FB Securities’ third-quarter report. Read the report in part:
<blockquote>
Promoting wider use of the local currency has been challenging as economic agents continue to favour the US dollar (US$) for transacting and value preservation.
While exchange rate stability has been achieved to an extent, and official inflation figures continue to trend downwards, confidence in the local currency remains low due to past experiences of volatility and value loss.
</blockquote>
FBC Securities expressed concerns about the stability of the Zimbabwe dollar. They believe that the currency’s stability depends on the government’s ability to control the money supply, build confidence, and encourage the use of the local currency. The firm suggests implementing measures to increase the supply of foreign currency and reduce the demand for the US dollar while promoting the use of the local currency.

<ul style="list-style-type: square;">
<li><a href="https://www.pindula.co.zw/2023/08/21/annual-inflation-falls-to-75-6-in-august/">Annual Inflation Falls To 77.2% In August</a></li>
<li><a href="https://www.pindula.co.zw/2023/08/13/american-economist-prof-hanke-says-zimbabwe-has-highest-inflation-rate-in-the-world/">American Economist Prof Hanke Says Zimbabwe Has Highest Inflation Rate In The World</a></li>
<li><a href="https://www.pindula.co.zw/2023/10/10/zimbabwe-dollar-official-rate-moves-to-5-633-per-us1/">Zimbabwe Dollar Official Rate Moves To $5 633 Per US$1</a></li>
<li><a href="https://www.pindula.co.zw/2023/09/14/retailers-defy-fiu-directive-on-zimbabwe-dollar-pricing/">Retailers Defy FIU Directive On Zimbabwe Dollar Pricing</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/06/world-bank-economist-says-97-of-transactions-in-zimbabwe-are-in-us/">World Bank Economist Says 97% Of Transactions In Zimbabwe Are In US$</a></li>
</ul>
Currently, the US dollar remains widely used in the country, with most bank loans and transactions being conducted in US dollars. The government has been promoting the use of the local currency and has taken steps to manage inflation and exchange rate pressures. Inflation has slowed down since a new calculation method was adopted, which considers the dominance of US dollar transactions. Annual inflation dropped to 18.4% in September, compared to 77% in August. The authorities expect inflation to continue declining, reaching levels below 3% on a monthly basis and decreasing by 60-70% by the end of the year.
FBC Securities also predicts that pressure on the local currency will remain high, especially during the second half of the year when fiscal spending increases for agricultural purposes and bonuses. They anticipate that the stock market’s performance will be influenced by liquidity conditions and concerns about preserving value amid the currency situation. The firm expects investors to show growing interest in alternative investments as they assess the local economic conditions.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

FBC Securities: "Zimbabweans Still Lack Confidence In The Zimbabwe Dollar"

Economist Eddie Cross, who is also President Emmerson Mnangagwa’s biographer, said the “gold-backed tokens” issued by the Reserve Bank of Zimbabwe (RBZ), is “a currency without any real support”.
The central bank recently availed the gold-backed digital currency, also known as Zimbabwean Gold (ZiG), for domestic transactions and also to be used as a store of value.
But writing on his <a href="https://www.eddiecross.africanherd.com/231015.html">website</a>, Cross, a former member of the RBZ’s Monetary Policy Committee, said Zimbabwe does not have any significant gold reserves to back the currency.
Cross said he has gathered that the first sale of the tokens was taken up entirely in local RTGS dollars.
He said he agreed with President Emmerson Mnangagwa that no country had been able to develop its own economy without using its own currency.
Mnangagwa recently said Zimbabwe will ditch the multi-currency regime and revert to the use of a local currency but for Cross, “The question is how to affect the transition from what we have now and what has to prevail once the deed is done….” He wrote:
<blockquote>
First, we have to have an alternative… In my view, we will have a new currency printed and this must be equal to about 15 percent of all such transactions in the market.
We should still encourage the use of electronic means to settle, but as a developing country with a large informal economy, we need cash.
Secondly, we need to protect the Nostro account system and allow people to bank real dollars into these accounts which should then be accepted as ‘free funds’ and to be available for individuals and companies to settle external liabilities.
This will allow people with US in cash to bank this and not lose access to USD or Rand for specific purposes. These balances should not be touchable.
Thirdly, we need to abandon exchange control on all current account transactions. This was done in 2009 when we dollarised but we need to recognise that exchange control is not appropriate in a free market economy.
Fourthly, we have to have a completely free market for all hard currency needs. Any Zimbabwean who needs currency should be able to buy what they want at their banks and Bureau du Changes, at the market price of the day.
All hard currency inflows, except personal transactions such as remittances, must be converted by the Banks into the new local currency at a real market price, based on supply and demand.
Fifthly, we need to demonetise all foreign currencies for local transactions. That means that foreign currencies will no longer be acceptable in local markets, taxi fares, hotels, service payments, taxes and all other local payments people have to make must be conducted in local currency.
That means that retailers and all others are going to have to have confidence in our currency and that means discipline in the monetary system. It also means that our local currency must be convertible into hard currency on demand.
That’s a tough list of basic decisions that need to be made to support the basic decision to re-introduce our own currency.
</blockquote>
Zimbabwe currently uses a multi-currency monetary policy regime, which allows the use of foreign currencies namely the US dollar and South African Rand in domestic transactions alongside the Zimbabwe dollar.
According to Statutory Instrument (SI) 118A of 2022, the local currency and a basket of foreign currencies shall be in use until December 2025.
The SI which introduced the multi-currency regime is titled Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations 2022.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Reintroduction Of A Local Currency: Tough Decisions Have To Be Made, Says Eddie Cross

President Emmerson Mnangagwa said that Zimbabwe will revert to the use of the local currency as the sole legal tender and dump the multi-currency regime to accelerate economic growth.
According to Statutory Instrument (SI) 118A of 2022, the local currency and a basket of foreign currencies shall be in use until December 2025.
The SI which introduced the multi-currency regime is titled Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations 2022.
Addressing delegates to the 9th CEO Africa Roundtable Conference in Victoria Falls on Thursday, 12 October, Mnangagwa said the country should revert to the exclusive use of the local currency even if it may cause suffering for some time. The <a href="https://www.chronicle.co.zw/zim-to-revert-to-local-currency/">Chronicle</a> quoted him as saying:
<blockquote>
In 2009, our domestic currency collapsed and our former President Mugabe appointed a committee of five people which I chaired to look into the currency issue.
We agreed that for us to survive we had to create a basket of currencies and allow our currency to die.
It could have been a wrong decision but that is what happened in 2009. We allowed the basket of currencies and that saved the economy, and we went in that situation for a long time.
So, we decided to introduce our own currency but still our currency continues to be fought.
However, we have to go through this cycle where as a country we must have a currency that we call our own.
We must bite the bullet, whether it gives us some suffering for a period, we shall proceed to have our own currency, not a situation where the economy has a regime of currencies in use, we want a single currency and we are going there.
</blockquote>
Mnangagwa made the remarks while responding to participants at the 9th CEO Africa Roundtable Conference who inquired about the way forward in view of the projected expiry of the multi-currency regime in 2025.
Reports indicate that the US dollar now accounts for over 76 percent of domestic transactions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe To Reintroduce Local Currency, Says President Mnangagwa

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

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

The Zimbabwe dollar lost value against the United States dollar (USD) once again at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 19, 2023. 
The RBZ reported that the USD was valued at ZW$5,015.4279 this Tuesday, which is higher compared to the rate of ZWL$4,712.1675 recorded on September 12, 2023. This increase follows the previous rate of ZWL$4,647.9681 observed on September 6, 2023.
Regarding the allocation of foreign currency from the auction, the majority, amounting to $275,395.54, was assigned to Machinery and Equipment. Services such as loans, education, dividends, and disinvestments received $163,240.14, while Consumables (including spares, tyres, electricals, etc.) followed closely with an allocation of $121,390.64. Raw materials obtained the lowest allocation of $45,391.75.
The total allocated amount was $713,950.34, which is a decrease from the previous allocation of $1,161,863.98.
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.
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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.
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<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>
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Zimbabwe Dollar Lost Value Against The USD During The RBZ's Forex Auction On 19 September 2023

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya, has assured Zimbabweans that there is nothing to worry about, despite the value of the Zimbabwean dollar declining once more.
Both the official rate and the street rate have been comparatively stable in August but this week, the local unit fell to ZWL$4 712.16: US$1 from ZWL$4 604.62: US$1 three weeks ago.
<a href="https://businesstimes.co.zw/zim-dollar-implodes-again/">Business Times</a> quoted Mangudya as saying the central bank is in control of the situation. He said:
<blockquote>
There’s nothing to worry about as the exchange rate remains relatively stable. I think Zimbabweans need prayers as they start panicking with something that is within reach. We have tools to ensure there is no excess liquidity in the market.
The central bank remains confident that the continued sale of gold coins and gold-backed digital tokens will sustainably take away steam from the store-of-value demand for local currency during the short to medium term, with positive spinoffs on the substance of obtaining price and exchange rate stability.
Furthermore, the central bank’s strategic resolve for continued monetary prudence will add further impetus to the positive prospects of the local currency over the medium term.
In addition, the ongoing monitoring and surveillance by the Financial Intelligence Unit will effectively minimise incidences of exchange rate manipulation and abnormal pricing practices.
</blockquote>
Meanwhile, Finance and Investment Promotion Minister Mthuli Ncube said that it is baffling that a foreign currency parallel market still exists in Zimbabwe.
Ncube said the parallel market “shouldn’t even exist” as “every piece of policy that is necessary for a stable currency has been put in place”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Falling Once More, Mangudya Says Nothing To Worry About

Some retailers are reportedly charging more than the maximum limit of 10 percent on the official rate when selling their products.
This is in violation of a directive by the RBZ’s Financial Intelligence Unit (FIU).
A quick survey conducted by <a href="https://businesstimes.co.zw/retailers-defy-fiu-directive/">Business Times</a> this week showed that most retailers, including pharmacies, continue to charge for goods at a rate between ZWL$6500:US$1 and ZWL$7000:US$1.
Some retailers reportedly use higher rates of up to ZWL$7500:US$1.
Executive director of the Consumer Council of Zimbabwe (CCZ), Rosemary Mpofu, condemned the overpricing of products by shops. She said:
<blockquote>
CCZ is still concerned that there are some supermarkets that are charging rates that are above stipulated rates by the monetary authorities.
This is letting us down as consumers are buying very few things from their salaries.
Previously some business operators were indexing their prices to the parallel market exchange rate using speculative pricing and forward pricing to hedge against inflation.
Though that behaviour was not rampant during the month of August indicating some conformity in the market, there were some retailers who continued to charge exorbitantly.
The prices of most products in the basket went down and this is attributed to the strengthening and stability of the local currency which was maintained during the month of August.
Worryingly, some retailers continue to increase prices.
</blockquote>
However, the Retail Association of Zimbabwe (RAZ) said that formal retailers are complying with the FIU directive. It said:
<blockquote>
Those that are in question are not your usual retailers but they are community-registered formal retailers which are not our members.
For our members, we have a policy that they should not use another rate but with a 10% markup.
</blockquote>
The government promulgated Statutory Instrument (SI) 118 of 2022, which regulates Zimbabwe dollar pricing to a maximum limit of 10 percent of the interbank rate.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Retailers Defy FIU Directive On Zimbabwe Dollar Pricing

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>

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

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>

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

President Emmerson Mnangagwa, during his inauguration and swearing-in for his final term as Zimbabwe’s President, highlighted the significance of a national currency for development. While not explicitly mentioned, his remarks hinted at a preference for the Zimbabwean dollar as the sole currency. Additionally, he indicated a focus on utilizing internal resources to foster economic growth. The future of the United States dollar in the country’s currency system remains unclear. He said:
<blockquote>
Comrades and Friends; 
The past five years have delivered valuable lessons on our intricate economy, especially the fact that a national currency that is supported by a vibrant productive sector is indispensable to sustainable development. No country has ever developed without its own currency. Further, we can only develop and grow the economy based on our own internal resources.
I urge us all to believe in ourselves and our abilities, as Zimbabweans and Africans. Development and national prosperity based on what we have is more sustainable and durable. We must take pride in who we are and what we can do for ourselves. 
The numerous mineral resources in our country must be sustainably exploited to leap-frog our industrialisation and development. The lives of our citizens and the fortunes of our country as a whole must be improved. We expect nothing less.
Our economy must realise maximum benefits from increased beneficiation and value addition. As such, my new Administration, through the Responsible Mining Initiative, will ensure greater stewardship over our finite natural resources. These must benefit both present and future generations. 

</blockquote>
During his speech, President Mnangagwa did not discuss the involvement of the African Development Bank (AfDB) in debt arrears or restructuring. Zimbabwe’s consolidated debt as of June 2023 amounted to $17.5 billion, with $14.04 billion owed to international creditors and $3.4 billion in domestic debt. The country is in arrears with multilateral development banks, including the AfDB. Finance Minister Mthuli Ncube said Zimbabwe aims to clear foreign debt by December 2025 to access new lines of credit for economic revitalization. The majority of the multilateral debt comprises arrears and penalties for non-payment.
<h3>Some context on Currencies:</h3>
Zimbabwe adopted a multi-currency system in 2009 as its national currency, the Zimbabwean dollar, faced hyperinflation and devaluation. The system allowed the use of foreign currencies such as the US dollar, South African rand, and Botswana pula as legal tender. While it provided some stability, challenges like limited access to smaller denominations and reliance on external economies emerged. In 2019, the Reserve Bank of Zimbabwe reintroduced the Zimbabwean dollar as the sole legal tender, discontinuing the use of foreign currencies for most transactions. However, the reintroduction has brought its own challenges, including inflation and currency instability. This forced the authorities to allow the use of the United States dollar together with the local currency albeit making it clear they would prefer having the Zimbabwe dollar as the sole legal tender.
Government critics including former Finance Minister Tendai Biti, argue that Zimbabwe should abandon the local currency due to its premature reintroduction without meeting the necessary prerequisites for sustainability. They propose using the US dollar as the sole legal tender until the prerequisites for reintroducing the Zimbabwean dollar are fulfilled. These critics believe that the public lost faith in the governance of the ZANU PF government, leading to a lack of confidence in the local currency, which they predict will continue to depreciate until governance issues are addressed. 
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Mnangagwa Hints At Strengthening The Zimbabwean Dollar

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

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The Zimbabwean dollar, for a third consecutive week, depreciated against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s (RBZ) wholesale foreign exchange auction held on August 8, 2023. According to the RBZ, the USD was sold at a rate of ZW$4,559.7414, compared to ZW$4,542.3710 on August 1, 2023. Notably, on July 25, the USD had been sold at a rate of ZW$4,505.4232. These figures indicate a consistent weakening of the Zimbabwean dollar against the USD in recent weeks. 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.
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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.
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Zimbabwean Dollar Depreciates Against USD At RBZ Auction For 3rd Consecutive Week

CCC leader Nelson Chamisa said that if his party gets into government, he will, “for a short period” of time, maintain the multi-currency system with the US dollar as the dominant currency.
Chamisa said the multi-currency regime will be a stop-gap measure as the economy transition to a new local currency.
The former ICT Minister said Zimbabwe’s currency will be stronger than the British pound as his government will restore confidence in the economy, which he said is a pre-requisite for a stable currency.
He was addressing party supporters at Muchakata Business Centre in Masvingo Central Constituency. <a href="https://tellzim.com/chamisa-promises-to-scrap-cala-school-exam-fees/">TellZim News</a> quoted Chamisa as saying:
<blockquote>
When we get into power, we need to fix the economy, but to do that we need to address the issue of currency.
We will use a basket of currency but mainly USD but that will be for a short period.
We will then introduce our currency which is stronger than the Pound, Deutsche M9ark, Yen and Yuan.
It’s possible and what makes the currency stronger is the type of leadership.
</blockquote>
Chamisa also pledged to ensure that the Continuous Assessment Learning Activities (CALA) is scrapped and a new education curriculum that captures the views of stakeholders is adopted.
He said under a CCC government, parents and guardians will not pay schools for their children from ECD to Grade 7, and at Advanced Level, while ZIMSEC examinations fees will be scrapped for Grade 7, O’ Level and A’ Level.
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