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Official Rate: Zimbabwe Dollar Loses More Value Against The United States Dollar

1 year agoTue, 24 Oct 2023 18:25:37 GMT
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Official Rate: Zimbabwe Dollar Loses More Value Against The United States Dollar

The Zimbabwe Dollar has lost more value compared to the United States Dollar in the official forex market on October 24, 2023. During the Reserve Bank of Zimbabwe’s wholesale foreign currency auction, the exchange rate averaged ZWL$5,693.7825 per US$1, which is lower than the rate of ZWL$5,668.2204 per US$1 on October 18.

On October 10, the rate was ZWL$5,633.8332 per US$1.

During the auction, a total of US$1,958,167.67 was allocated, an increase from the previous week’s allocation of US$1,937,178.64.

The allocations were primarily directed towards Raw Materials, receiving US$739,962.84, followed by Machinery and Equipment with US$442,614.68. Services such as Loans, Education, Dividends, and Disinvestments received the third-largest allocation of US$234,174.10.

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RBZ Forex Auction 24 October 2023

 

The Zimbabwean economy is experiencing fluctuations, causing the Zimbabwe Dollar to lose value compared to other currencies. This poses challenges for the country in maintaining stability and managing inflation. 

In response to these challenges, the Reserve Bank of Zimbabwe introduced a number of measures including the Zimbabwe Gold (ZiG) digital tokens. According to the central bank, ZiG serves as both a means of payment for domestic transactions and a store of value. The RBZ says since its introduction on October 5, 2023, ZiG has been widely accepted in the economy. Its use as a medium of exchange and a value-preserving instrument contributes to digitisation, financial inclusion, and the overall stability of the local currency. The auction rate does not yet show signs of stability of the Zimbabwean dollar though.

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21 Comments

Chidhongwana · 1 year ago
They are said to be educated with a Professor in finance failing to manage an small economy like Zimbabwe. Biti was not even an economist and not highly educated but he managed it well to the extend that we even had a surplus in USDs. Mtuli and his govt are a dismal failure in managing the economy and results on the ground are there for all to see it. But the worst is that they won't admit it.
Harare $1 is $4000bonds cash · 1 year ago
So wake up and use ur bonds zvinehungwaru . A growing Economy is there fr everyone to see. These companies use USD$ .ZVEBOND Izvooo inyaya yekutodyiwa kwedirty money yakazara mumaAccount awo.
008 · 1 year ago
What's the rate ku parallel/black market, help pliz
🏃‍♀️ Chi baby Che Zanu 🌊 · 1 year ago
Rate yakabatwa wena!! The movements are insignificant
Dhara · 1 year ago
Kunyarara unobveiko nhai kana usina zvekutaura
sad emoji1
@Tambaoga · 1 year ago
2030 ndinenge ndiripo tichitonga tigotonga imi muchingo hukura muchihukura
Tambaoga · 1 year ago
Pamberi neZanu Pf
sad emoji1
Si · 1 year ago
Great pindula published the rates this week ... 👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻
. · 1 year ago
fastest growing economy my foot
Anonymous · 1 year ago
The problem is Zec is now listening to Tshabhangu as an SG for zanu representing CCC hazvibude
Cde hondo · 1 year ago
Ndomari here ye fastest growing economy yamunonyepera vanhu
Warlord · 1 year ago
A mad man adressing a sumit somewhere in the USA was saying Zimbabwe has the fastest growing economy in the sadc region.... How when we have the highest inflation in region
Bhuru · 1 year ago
You can rig elections but not the economy, i don't know why im saying this, maybe it's bcoz I'm not patriotic
Zuze · 1 year ago
Hausi iwe wega. Count me in too.
xyz · 1 year ago
lets go,everything is fine and under control. vision 2030 .....
CHAWABVUNZA · 1 year ago
I have said it before and I will always say it that there are very few countries in the world who have succeeded to go back to their own currency after adopting the United States of America Dollar as their official currency. ZANU PF Government says it will revert to our ZIMDOLLAR in December 2024. They are daydreaming !!!!! This is my story and I am sticking to it. [ THE BUSH LAWYER4CCC ].j
1
rtgs · 1 year ago
Dec 2025
Hippo The GS · 1 year ago
The president is on record saying our economy is growing and our currency is the most stable in the region. DidI get it wrong?
Zuze · 1 year ago
No @Bobo, you didn't get it wrong. But HE was wrong.

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