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The Reserve Bank of Zimbabwe (RBZ) has said the increase in demand for US dollars is rising ahead of the farming season, coinciding with a slowdown in forex inflows due to the end of the tobacco selling season.
Below is a statement issued on October 25 by RBZ Governor John Mushayavanhu:
<blockquote>
During the past three weeks of October 2024, the Reserve Bank has injected about US$32 million into the interbank foreign exchange market to smoothen the mismatches between supply and demand.
Traditionally, the last quarter of the year witnesses increased demand for foreign exchange to meet critical requirements for the summer agricultural season and for preparations for the start of the festive period.
In line with the recent monetary policy measures issued by the Monetary Policy Committee (MPC) on 27 September 2024, we have witnessed a satisfactory increase in the willing-buyer-willing-seller (WBWS) foreign exchange trading activities.
Holders of foreign exchange, including exporters, have been selling their foreign currency in exchange for ZiG to fund their tax obligations and other payments denominated in local currency.
However, with the end of the tobacco selling season, we have noticed a slowdown in the supply of foreign exchange to the WBWS interbank market and an increase in pipeline demand.
Over the past three weeks, foreign currency pipeline demand has averaged US$15 million, and the Reserve Bank has been intervening in a timely manner to address the supply/demand mismatches.
The pipeline demand for this week has risen to US$25 million due to increased pressures to fund the 2024/2025 agricultural season requirements.
Consequently, on 24 October 2024, the Reserve Bank offered a market-clearing foreign currency sale of $25 million, and the market could only take up about US$19 million because prospective buyers of foreign currency did not have enough ZiG liquidity to purchase available foreign currency.
The recent market intervention has brought the cumulative participation of the Reserve Bank in the WBWS market to US$50 million in October 2024 alone.
The Reserve Bank will continue with its tight monetary policy stance and ensure that reserve money is fully backed at all times.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The Reserve Bank of Zimbabwe is putting $50 million into the foreign exchange market to meet the rising demand for US dollars before the farming season. This is because there is less money coming in after the tobacco season ended. The bank is trying to balance the amount of dollars available for people who need them. They want to make sure there is enough money for farmers and others who have important expenses. The bank is also making sure they have enough money to cover all their promises. So far, they have given $50 million in October to help with this.

RBZ Pours US$50 Million Into Interbank Forex Market In October - Mushayavanhu

The Reserve Bank of Zimbabwe (RBZ) has announced a significant injection of foreign currency into the market to meet demand and consolidate the stability of the Zimbabwean Gold (ZiG) currency.
Central Bank Governor John Mushayavanhu said on Thursday, September 19, that the RBZ has cumulatively injected a total of US$64 million into the foreign currency market.
This intervention was necessitated by a buildup of foreign currency demand in the pipeline at banks over the past few weeks.
Mushayavanhu explained that the RBZ’s actions are consistent with its policy stance of ensuring that all legitimate foreign currency applications are honoured, as well as its role as an active participant in the foreign exchange market.
Furthermore, the Reserve Bank Governor assured the public that the central bank will continue to facilitate the seamless settlement of foreign payments in the interbank foreign exchange market. Reads the statement:
<blockquote>
RESERVE BANK OF ZIMBABWE’S PARTICIPATION IN THE FOREIGN EXCHANGE MARKET TO CONSOLIDATE ZiG STABILITY
Over the past weeks, the Reserve Bank witnessed a build-up in pipeline demand for foreign currency at banks, reflecting transitory foreign currency supply and demand mismatches, thus, exerting undue pressure on the foreign exchange market.
This is, notwithstanding, the significant injection of US$50 million by the Reserve Bank in July 2024 to clear the pipeline demand for foreign currency at banks.
Pursuant to smoothening the supply/demand mismatches in August/September 2024, the Reserve Bank has during the first two weeks of September 2024, injected US$24 million into the interbank foreign exchange market.
Furthermore, guided by the obtaining pipeline demand at banks as at 18 September 2024, the Reserve Bank has, as of today (19 September 2024) sold into the interbank market an additional US$40 million.
This has resulted in a cumulative foreign currency injection totalling US$64 million for the month of September 2024 alone.
The Reserve Bank’s intervention is consistent with its policy stance of ensuring that all bona-fide foreign currency applications are honoured and with its role as a participant in the foreign exchange market.
The Reserve Bank is, therefore, pleased to advise that it will continue to ensure that there is seamless settlement of foreign payments in the interbank foreign exchange market.
The Reserve Bank is also pleased to advise that foreign currency receipts increased by 13.4% in the first eight months of 2024, compared to the same period in 2023.
The increase in foreign currency receipts will ensure continued timely settlement of foreign payments from importers’ foreign currency accounts (FCAs) and the Reserve Bank’s weekly foreign currency injections from the export surrender receipts.
In addition, the favourable performance in foreign currency receipts will continue to sustain economic activity.
Importantly, the cumulative foreign currency injection of US$64 million by the Reserve Bank in the month of September 2024 will effectively mop-up significant liquidity in the market, thus, further consolidating the stability of ZiG.
Against this background, the Reserve Bank calls upon economic agents to comply with the stipulated foreign exchange framework in the pricing of goods and services.
The Reserve Bank will continue to entrench the stability of ZiG and ensure the smooth settlement of foreign exchange transactions through the interbank foreign exchange market.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe added $64 million into the foreign currency market to help with demand for the Zimbabwean Gold (ZiG) currency. The Bank wants to make sure all legit foreign currency requests are met and to keep the currency stable. They saw a high demand for foreign currency at banks, so they injected money to balance it out. This injection will mop-up lots of money in the market, making ZiG more stable. The Bank will keep on making sure foreign payments are settled smoothly and wants businesses to follow foreign exchange rules.

Central Bank Injects US$64 Million Into Forex Market

The Reserve Bank of Zimbabwe (RBZ) has reportedly injected US$190 million into the foreign exchange market to meet demand for dollars and maintain economic stability since the introduction of the Zimbabwe Gold (ZiG) in April.
Launched in April 2024, the ZiG is backed by reserves of gold, precious metals, and cash held at the central bank.
In a phone interview with Bloomberg on Monday, Persistence Gwanyanya, a member of the RBZ’s monetary policy committee (MPC), confirmed that the central bank has injected a total of US$190 million into the forex market since the ZiG’s launch. Said Gwanyanya:
<blockquote>
Initially, there was not much need to intervene at the launch of ZiG. But now there has been, with the emerging volatilities, which show reduced dollarization in the economy from 85% to 60%.
Dedollarisation is happening faster than we expected. We tend to experience these challenges, so we need to manage all the pressures.
</blockquote>
In late July, the RBZ announced that it had injected US$50 million into the market to meet the demand for dollars among Zimbabwe’s lenders.
The ZiG represents Zimbabwe’s sixth attempt to establish a functional local medium of exchange in the past 15 years.
As of Monday, September 2, the ZiG was trading at 13.86 per dollar on the official market, according to data posted on the central bank’s website.
However, <a href="https://zimpricecheck.com/">ZimPriceCheck.com</a>, which tracks both official and unofficial exchange rates, reports that a U.S. dollar is fetching between 16 and 26 ZiG on the streets of Harare.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe put $190 million in the forex market to get more dollars and keep the economy steady since introducing ZiG. ZiG, began in April 2024, is tied to gold, precious metals, and cash held by the central bank. Persistence Gwanyanya said the bank injected $190 million to deal with recent challenges due to less use of the dollar in the economy. RBZ also gave $50 million in July. ZiG is the sixth try in 15 years to create a local currency. ZiG was trading at 13.86 per dollar, but street rates in Harare were 16 to 26 ZiG for one dollar.

RBZ Injects US$190 Million Into Forex Market To Meet Demand

The Zimbabwe dollar has stabilised against the US dollar, results from the Reserve Bank of Zimbabwe’s foreign exchange auction show.
According to the results from the Tuesday, 20 April 2021 RBZ forex auction, the weighted average this week rebounded from US$1: ZWL$84.4827 last week to US$1:ZWL$84.4826 this week.
Today US$3 900 835.28 was allocated to the Small to Medium Enterprises forex auction while US$30 207 699.94 was allocated to the main forex auction.
In total, US$34 108 535.22 was allotted this week, with the bulk of the allotment (US$13 289 237.40) going to raw materials followed by machinery and equipment (US$6 432 355.91).
310 bids were received on the Small to Medium enterprises forex auction, with 253 accepted and 57 disqualified.
On the main forex auction, a total of 332 bids were received, 267 were accepted while 65 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.78">PURPOSE</td>
<td title="Character Accurarcy=99.8">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.9">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Raw Materials</td>
<td title="Character Accurarcy=99.87">1,030,911.59</td>
<td title="Character Accurarcy=99.74">12,258,325.81</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.56">773,605,26</td>
<td title="Character Accurarcy=99.87">5,698,750.65</td>
</tr>
<tr>
<td title="Character Accurarcy=99.57">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.67">733,886.14</td>
<td title="Character Accurarcy=99.79">2,726,391.14</td>
</tr>
<tr>
<td title="Character Accurarcy=99.36">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.41">304,363.14</td>
<td title="Character Accurarcy=99.7">2,241,848.94</td>
</tr>
<tr>
<td title="Character Accurarcy=98.93">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.72">277,714.13</td>
<td title="Character Accurarcy=99.87">2,786.171.86</td>
</tr>
<tr>
<td title="Character Accurarcy=99.69">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.76">215,992.65</td>
<td title="Character Accurarcy=99.84">2,186,334.60</td>
</tr>
<tr>
<td title="Character Accurarcy=99.69">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.41">409,657,02</td>
<td title="Character Accurarcy=99.87">1,518,160.80</td>
</tr>
<tr>
<td title="Character Accurarcy=99.86">Paper and Packaging</td>
<td title="Character Accurarcy=99.87">154,705.35</td>
<td title="Character Accurarcy=99.91">791,716.14</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">TOTAL</td>
<td title="Character Accurarcy=99.75">3,900,835.28</td>
<td title="Character Accurarcy=99.75">30,207,699.94</td>
</tr>
<tr>
<td title="Character Accurarcy=99.86">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"></td>
<td title="Character Accurarcy=99.39">34,108,535.22</td>
</tr>
</tbody>
</table>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EzbHvDlX0AA4fM5?format=jpg&amp;name=900x900"/>

RBZ Forex Auction: Zimbabwe Dollar Firms Against USD

<img decoding="async" src="https://t3n9sm.c2.acecdn.net/wp-content/uploads/2019/10/20191024_112743.jpg"/>
NB: The midrate is based on the median of the rates received on the day. Credit: The rates were gathered by <a href="https://api.whatsapp.com/send?phone=263719696102&amp;text=Rate&amp;source=&amp;data=" rel="noopener noreferrer" target="_blank">Zfn</a> at a particular time of the day so when you go to your bank the rates may have changed.

Official Bank Foreign Currency Exchange Rates Today – 24 October

<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EEA30FkXkAA-BIW?format=png&amp;name=small"/>
The rates were gathered by <a href="https://www.facebook.com/ZfnZimbabwe/?hc_ref=ARTwcHbPN0L30gsYnQQKk3K_6kVECV-YcjfmwHBjZhWv5Cf-AE9rb1Mb98I0FRqb1hU&amp;fref=nf&amp;__xts__%5B0%5D=68.ARDtpFKhRb1gPMqEh3SC5-7RDPyX7IG4EjSJIUK7saXFsp9DuQ23WH6rctbi2tKprJn_ULVqXCMyhrSePaLSM6NKaGUjKncBqUYVySL-sIO1nhJsn2FSXPjFdPJBSgvk2QjctEAzU2CTcJ1UYizkqyYmQeV1QW8KpK5gujaQ3uBWyS-PFRly_OVVoskvUtRYJ4XgUxQ-O7-oH0mvq92EUEAAmPAED6m88yrODvCwMOMoPn9imEINLtBS_EeNAWpfIKHJ9ThNB-KzWMgzOAp6Wc3YHfBGSyBb2ETrqFTNTthqI05v3zyi1KUZNIIgi-HU7Yzwx_7VBTur-lxPzduEb0YH2m0e&amp;__tn__=kC-R" rel="noopener noreferrer" target="_blank">Zfn</a> at a particular time of the day, thus the rates may change have changed by the time you visit your bank.

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