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

2 years agoSat, 04 Feb 2023 10:18:36 GMT
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Zimbabwe Dollar To Officially Close 2023 Trading At $3 200 Against USD - Analysts

Brokerage firms and economists have predicted that the Zimbabwe dollar will officially close the year trading at between $2 000 and $3 200 against the US dollar.

However, monetary authorities are of the view that the local currency is likely to close the year trading at around $1 500.

The auction market was introduced in June 2020 with the Zimbabwe dollar trading at $22.50 per US dollar.

As of 31 January 2023, the Zimbabwe dollar was trading at $801.60 against the US dollar.

In its outlook for 2023, IH Securities suggested that upcoming elections and treasury activities will cause slight disturbances to the currency. It said:

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The interbank rate depreciated at an average weekly rate of 3 percent during the year 2022.

Applying the same rate of depreciation in 2023, the interbank rate will close the year at $3 177 from $690 recorded at the beginning of the year.

From our view, this will be the best-case scenario considering the downside risk of elections.

Akribos Capital, an investment firm also forecasted a depreciation of the local currency due to elections this year as well as the slowdown in economic growth in leading global economies like China, the US, and the Eurozone. Akribos said:

… we expect the exchange rate to close Q1,2,3 between the lower and upper bound of $1 500 — 1 800 against the US dollar while inflation hovers above 250 percent.

However, Monetary Policy Committee (MPC) member, Persistence Gwanyanya, believes the Zimbabwe dollar will be trading at around $1 000 or $1 500 to the US dollar by the end of the year. He told Business Weekly:

We have not yet felt any political pressure due to the pending elections so the currency should close at around $1 000 to the dollar, but if we experience a shock either from elections or somewhere else, we should see it at around $1 500 per US dollar.

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27 Comments

@Vhedza · 2 years ago
Can any one explain the USD is strong as a currency?
Jah 🇿🇼 Tsvarie-07 · 2 years ago
After elections we need a lasting solution, we can't keep fighting in different directions for no cause.
Stallion · 2 years ago
handisati ndambovona motikari inotengeswa nemuchochotwa kureva rtgs maybe dziriko hameno
Sorojena · 2 years ago
Chero domasi rangu handitengesi nemuchochoto, muchochoto endesai kuZupco
mlambo · 2 years ago
yakuita hre app ye Econet
Black Adam ⚡ · 2 years ago
Hahahaha WhatsApp 65mb richapinda mu $1000 vanhu vachataura sei, i means Pindula will have more users big time. Imagine ED campaigning saying i will make the economy better iye ari kutotadza right now. He his five years and failed
Man U · 2 years ago
PSG zvaita zero zero
, · 2 years ago
yanku irikuramba kudownloder
nm · 2 years ago
ichimbotipaiwo nyaya dzeku kwayedza
Titus Tremendous · 2 years ago
There is a new pindula app Wich allows you to send voice notes and audios free download it on Google play store.
Vhomorai Kana Yat.unda · 2 years ago
Bvunzaini pakati pavo vese chikwata chana ED Havana kurwa Hondo dzaiva mbavha muhondo
Lilly · 2 years ago
Yeah tts tru for now we see like we will continue being ruled by ZANU or Ed but I’m saying it’s not necessary for us to vote for these bastards of course they say vakarwa Hondo but that’s all they did for the country
Titus Tremendous · 2 years ago
vakarwa hondo for them to benefit havana kurwira nyika ava
Mr Penyazz · 2 years ago
Inodarika apo
Ed · 2 years ago
Bhora r akamira sei
Jojola@07 · 2 years ago
Everton 1 Arsenal 0 Ft
Anonymous · 2 years ago
Ko PSG yatambasei nhasi.thanks
Anonymous · 2 years ago
Pakaitwa US naTsvangirai ndipo patakatozivawo kut kuneB4wad. Vanhu vakambototenga mota.. Dd u this time ever buy a car via rtgs??
March....ende · 2 years ago
rugs ne Tanzanian shillings yava 1:1
Anonymous · 2 years ago
500 US =1 000 000rtgs
Tintin · 2 years ago
thus the superiority of numbers over letters...😁😁😁
X · 2 years ago
The tragedy is that we have an opposition which encourage its citizens to abandone it's currency in favor of the us dollar which happens to be a currency for international trade it's pathetic, there is no country which is not America that uses the us dollar and has a vibrant economy, actually the fact is their products becomes uncompetitive, they will be an influx of products from beyond our border s
Face · 2 years ago
Its better to be an influx of products from other countries tichiguta. Now tine maProducts api in our country. We depend with products of other countries kubva kuma, toilet ppers , pampers , zvose.
· 2 years ago
maputi nema jiggies chete
@x · 2 years ago
The gvt is the one encouraging people to reject ma bond. Why allowing us to pay with usd pama services aino provider
Anonymous · 2 years ago
Stop telling lies, it is actually the gvt which discourages the use of the local currency, passports are charged exclusively in USD, duty on importation of motor vehicles is charged in USD, most gvt services are quoted in USDs. President paanoburitsa wallet yake inenge ine maUSD. Stop trying to be mischievous nobody trusts the local currency, especially those who pretend to champion its use.
X · 2 years ago
Hazvina basa chero yakaita 1 to 5 000 as long pachizongoitwa ma adjustment, we have well developed countries with weaker currencies, we don't need a stronger currency it doesn't work to our advantage, we also need people to understand that dollarisation is not the solution, actually it does more harm than good, we are better off with a weak currency than using the us dollar, it's just economics, nekudzidza kwedu kwese we are kinda silly
· 2 years ago
weak currency yacho ichitengeyi? kuenda nebhara kushop kunotenga loaf rechingwa! wakafumuka
· 2 years ago
A good reason to vote this government OUT. The opposition cannot do any worse only better. Your future is in your hands, Vote wisely.
bhobhojani bhadhiza · 2 years ago
@lily chamisa akavhoterwa kare uye achavhoterwa but the problem ndeyekuti watiri kuvhotera anogona here kuchengetedza mavotes edu?6million votes anodziwana zvichireva kuti isu as citizens tinenge tagona basa problem inozouya pakugonakuchengeta mavotes edu chete chete.mubvunzo woti this time is he capable pakuchengeta zvatinomuvhotera asi kana pane query forget and smile Ed anotitonga kusvika madhongi amera nyanga
Maparamuro · 2 years ago
@Ice Lolo good observation. 2008 Morgan claimed victory when he only had 80% of the results, somehow he could not gather the other 20% hence the claim could not hold water. 2018 chamisa claimed victory and when asked to produce the V11 he did not have them and the case was dismissed. Of late Chigumba has challenged all opposition parties to run their own parallel tallying and compare it with ZEC. This is a good move by ZEC unfortunately up to this day CCC has done nothing to mobilise and train election agents. This means come election day some polling stations will be without opposition agents and the parties will not have access to the results from those stations. Last elections 20% of the polling stations did not have MDCA agents.
· 2 years ago
3,200? Very optimistic. I reckon 5,000 (assuming they don't slash zeroes)
Lilly · 2 years ago
Vote for chamisa Chero akazofanana naEd hake totangira ipapo we want someone new maybe angave nani
Lilly · 2 years ago
Aaah nxaaa Zim dollar maTissue Imari here iyoyi ED wenyu doesn’t even think about doing something better for the country He even mentioned Kuti ndakapinda ndega paHuPresident so we have a dictator chete

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