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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.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>
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Pindula News

Zimbabwean Dollar Depreciates Against USD At RBZ Auction For 3rd Consecutive Week

The Reserve Bank of Zimbabwe (RBZ) announced on Tuesday, June 27, 2023, that local financial institutions only managed to buy a third of the foreign currency available on the central bank’s wholesale foreign currency auction as the Zimbabwe (Zim) dollar liquidity crunch hits the market. In a Twitter post seen by Pindula News, the central bank said:
<blockquote>
At today’s wholesale foreign exchange auction for banks, out of US$30 million on offer, only US$10 million was purchased by banks for onward sale to banks’ clients.
</blockquote>
For the first time in many months, the Zimbabwe dollar yesterday appreciated against the US dollar. There are expectations that the exchange rate will strengthen going forward, and some predict that the exchange rate should settle at around $5,000 to $6,000 per US dollar under these conditions.
The Zimbabwean government has taken several steps to stabilise the country’s exchange rate, which recently suffered from excess liquidity in the market. These measures include the introduction of a wholesale auction for banks to buy foreign currency on behalf of their clients. The government also transferred external payment obligations from the Reserve Bank of Zimbabwe to the Treasury, increased the bank policy rate from 140% to 150%, and required the payment of all corporate taxes in local currency.
Some economists and business leaders have expressed optimism that these interventions will stabilise the exchange rate and increase the value of the local currency. Economist Tinevimbo Shava commented:
<blockquote>
Obviously these are the effects of the demand-driving policies that were introduced and are continuously being amended. We certainly are going to see another drop in the rate as less demand is there.
We are really embracing the initiative as a step in the right direction provided it is implemented and fully realises the benefits of consolidating the use of the Zimbabwe Dollar and the exchange rate should settle at around $5 000 to $6 000 per dollar or thereabout under these conditions.
</blockquote>
According to Bankers Association of Zimbabwe (BAZ) President Lawrence Nyazema, the local currency has been removed from the market in the past few weeks due to prudent fiscal and monetary steps. He also noted that the current Dutch Auction System is what they wanted three years ago and is seeing a constant supply of foreign currency on the official market outstrip demand. He added:
<blockquote>
We are happy that the measures have forced those that earn 100 percent in foreign currency and had no use for the local currency are now liquidating some of their proceeds to oil the foreign exchange market, hence sustainability of the wholesale and foreign exchange market.
</blockquote>
According to economist Dr. Prosper Chitambara, the increase in demand for the local currency has led to a situation where supply exceeds demand. He believes that going forward, the currency needs to experience pressure from its demand to maintain stability in the market. He said:
<blockquote>
It is a positive development that the Government required companies to settle their tax obligations in local currency, I think this will help to increase and enhance the value of the local currency which should have a very strong stabilising effect on the exchange rate.
</blockquote>
Results from yesterday’s auction indicate that the Zimbabwe Dollar slightly recovered against the United States Dollar (USD), increasing from 6,926.5764 on June 20, 2023, to 6,326.5877. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

RBZ Reports Low Forex Purchases Due To Shortage Of Zim Dollars

Vice President <a href="https://wiki.pindula.co.zw/Constantino_Chiwenga">Constantino Chiwenga</a> has urged the nation to be calm in response to the sharp decline of the Zimbabwe dollar compared to the United States dollar (USD).
Speaking at the Zimbabwe International Trade Fair (ZITF) International Business Conference in Bulawayo this Wednesday, Chiwenga said the government will continue to pursue measures to maintain exchange rate stability.
<ol>
<li><a href="https://zero.pindula.co.zw/rbz-forex-auction-value-of-zimbabwe-dollar-keeps-decreasing/">RBZ Forex Auction: Value Of Zimbabwe Dollar Keeps Decreasing</a></li>
<li><a href="https://zero.pindula.co.zw/eu-attending-zitf-for-the-1st-time-ever/">EU Attending ZITF For The 1st Time Ever</a></li>
</ol>
He acknowledged the current exchange rate volatility but assured that it was temporary and exchange rate movements were not catastrophic. He said:
<blockquote>
Bold measures are being implemented by Government to foster price and exchange rate stability in the economy.
These measures include tight monetary and fiscal policy, insistence on value for money for Government procurement and effective monetary and surveillance by the Financial Intelligence Unit (FIU).
The transitory exchange rate volatility in the parallel market witnessed in the economy for March this year is merely a reflection of the store of value demand for foreign currency.
</blockquote>
Vice President Chiwenga stated that Zimbabwe has been experiencing an increase in foreign currency inflows, with a peak of US$11.6 billion in 2022, up from historic averages of around US$5 billion to US$6 billion per year. He added: 
<blockquote>
So, there is no point in rushing as though the world is coming to an end.
Reflecting this positive development, the country has also been recording current account surpluses since 2019, a critical condition for currency stability.
As such, Government is staying the course of the current monetary and fiscal policy measures which have proved effective in restoring and sustaining price and exchange rate stability.
</blockquote>
According to Vice President Chiwenga, the Reserve Bank of Zimbabwe (RBZ) is expanding investment options for individuals and corporations with excess Zimbabwe dollar balances.
He added that the Central Bank is planning to introduce “gold-backed digital products” to complement the Mosi-oa-Tunya gold coins currently available. The former military boss said this initiative will allow for the widespread trading of gold coins, expanding the tradable assets in the economy for storage purposes and reducing the speculative demand for foreign currency.
His remarks come as the <a href="https://zero.pindula.co.zw/prices-of-basic-commodities-have-significantly-increased-survey/">black market exchange rate</a> for the local currency has moved to between $1 800 and $2 100 to the US dollar, compared to the official rate of $1 021.
The decline of the Zimbabwe dollar has resulted in businesses raising the prices of their commodities as they price their products at double the official market.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

VP Chiwenga Calls For Calm Amid Decline Of Zimbabwe Dollar

The Reserve Bank of Zimbabwe (RBZ) has said government suppliers are major contributors to the depreciation of the parallel market exchange rate.
This was said by RBZ governor John Mangudya in the <a href="https://news.pindula.co.zw/2022/08/12/rbz-reviews-projected-domestic-economic-growth-down-in-mid-term-monetary-policy-statement/">Mid-term Monetary Policy Statement</a> presented on Thursday 11 August 2022.
Mangudya’s remarks come after The Herald’s columnist, Jamwanda, believed to be president Emmerson Mnangagwa’s spokesperson, George Charamba had claimed that <a href="https://news.pindula.co.zw/2022/08/08/jamwanda-says-the-government-has-been-stoking-money-supply/">the government has been stoking money supply.</a>
A higher supply of money has the potential to further weaken the value of the already depreciating Zimbabwe dollar.
In the Mid-term Monetary Policy Statement (MPS) seen by Pindula News, Mangudya also claimed that the RBZ’s Financial Intelligence Unit (FIU) had discovered significant abuse of loan facilities by borrowers.
This, according to the FIU, was being done through arbitrage, multi-dipping, borrowing on behalf of third parties and diversion of foreign exchange obtained through the foreign exchange auction system to parallel market activities.
Mangudya reported that 15 entities were exposed as abusers of bank credit and they were subsequently penalised. Further reads the MPS:
<blockquote>
The investigations further revealed that suppliers of goods and services to Government were also a major contributor to the depreciation of the exchange rate on the parallel market as they were using forward foreign exchange rates in the pricing of their goods and services even after being paid by Government in advance. The continued monitoring, tightening of regulations and imposition of punitive measures against offenders by the FIU is expected to go a long way in reducing speculative behaviour in the economy. 
To support an efficient market for foreign exchange, the Bank has moved to eliminate the gap between the auction and the willing-buyer willing-seller exchange rates. It is the Bank’s view that the willing-buyer willing-seller exchange rate is a good indicator of the foreign exchange rate in the economy. 
</blockquote>
The central bank’s chief said parallel market exchange rates are to a large extent influenced by speculative sentiments and forward pricing behaviour, especially, “by providers of goods and services to the Government.”
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

RBZ Says Govt Suppliers Fuel Depreciation Of The Parallel Market Exchange Rate

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