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The Finance and Economic Development Minister, Professor Mthuli Ncube, has announced measures aimed at stabilising both the <a class="MarkdownLink_linkifiedLink__KxC9G">exchange rate</a> and macro economy. In a statement seen by Pindula News, Ncube announced several measures, including the exemption of all domestic sales in foreign currency from the 15% <a class="MarkdownLink_linkifiedLink__KxC9G">surrender requirement</a>, the transfer of all external loans to the Government’s Treasury, further fine-tuning of the <a class="MarkdownLink_linkifiedLink__KxC9G">Foreign Exchange Auction System</a>, lifting of restrictions on the importation of basic goods, and the creation of a supportive <a class="MarkdownLink_linkifiedLink__KxC9G">interest rate environment</a> domestically. Reads the statement:
<blockquote>
MEASURES TO STABILISE THE EXCHANGE RATE AND MACROECONOMY
Introduction The Government of Zimbabwe, through the implementation of the NDS1, has gone a long way on the economic reform agenda.
The Zimbabwean Economy remains on a firm growth path, with all key productive sectors registering positive growth. 
After registering about 4% growth in GDP for 2022, we anticipate that Growth for 2023 will be significantly higher than the initial projection of 3.8%.
Food security has been assured, underwritten by a deliberate policy mix from Government and supported by two successive good rainy seasons. On the back of the re-introduction of the Zimbabwe dollar, which brought about clarity to currency markets together with a number of advantages to the economy, together with a supportive policy framework, industrial capacity utilisation and productivity continue to grow, with about 70% of goods on the shelves now being locally produced. 
In addition to this widely visible and tangible competitiveness of the local industry, which is evidenced by the notable growth in manufactured exports and observable import substitution effects, there is also notable growth recorded in the hard goods and intermediate goods manufacturing sectors.
The broader economy, including the mining sector, has particularly benefitted from having a significant realignment of domestic costs from the rebasing of wage costs in particular to the domestic currency. 
We have seen an increase in unofficial (shadow) foreign exchange reserves as private holdings of foreign exchange which are available for use in both domestic and external trade transactions as reflected by healthy levels of foreign currency deposits in the banking sector. 
Foreign currency receipts across all categories of inflows have increased by at least 100% compared to a few years ago and are at their highest levels in years, with total foreign currency receipts expected to top USD13billion this year. 
However, despite all the underlying strong fundamentals, we have now seen a resurgence of macro-economic instability, with domestic inflation being driven primarily by the skewed preference for US Dollars as a savings currency. This has put enormous pressure on the exchange rate as the skewed preferences have continued to increase the velocity of the Zimbabwe dollar.
This phenomenon has seen a growing USD cash economy and it is estimated that a large portion of domestic transactions are now being conducted in foreign currency. 
It is against this background and following wide consultations with the private sector and other stakeholders, that Government now announces the following policy measures: 
1. 100% Retention of Domestic Foreign Currency Earnings. 
In order to promote the banking of domestic sales foreign currency in the banking system, the Reserve Bank of Zimbabwe will with effect from 15 May 2023, exempt all proceeds from domestic sales in foreign currency from the 15% surrender requirement. 
2. Adoption of All External Loans by Treasury. 
All external loans to the Government will now be transferred from the Reserve Bank of Zimbabwe to Treasury. 
3. Enhanced Foreign Exchange Auction System. 
The Foreign Exchange Auction System will be further fine-tuned and will now auction a pre announced envelope, on a pure Dutch auction basis. 
4. Lifting of All Restrictions on importation of Basic Goods. 
In order to enhance the supply of basic goods to the public, all basic goods will no longer be subject to import licences, and will also come into the country free of import duties and taxes. 
5. Supportive Interest Rate Environment Domestic 
Interest rates remain a variable of focus and are one of the main tools available for monetary authorities to discourage speculative borrowing and to reduce the velocity of the Zimbabwe dollar and thus promote stability. Measures to restore real savings rates in the economy are therefore necessary.
The Reserve Bank of Zimbabwe, through its Monetary Policy Committee, shall continue to review the domestic interest rate framework to allow domestic currency savings interest rates to be above the perceived rate of expected devaluation for holding ZWL balances, to be attractive to savers.
In the short-term, Government needs to immediate’ interest rates of tenors up to 6 months to rise sharp rates remaining low, to reflect future inflation exp squeeze out speculative demand for both ZWL and USD.
6. Promotion of the Use of the Domestic Curren Agencies.
Government will endeavour to promote the growing and committed use of the local currency for domestic transactions by ensuring that levies and fees charged by its affiliated agencies and service providers, are to be paid for in local currency. 
7. Gold Coins and Gold-Backed Digital Tokens.
The Government of Zimbabwe is very pleased with the uptake of both the physical gold coins since they were introduced as well as the more recently issued Gold Backed Digital Tokens. Government, through the Reserve Bank of Zimbabwe, shall continue to assure public confidence in both instruments by ensuring that at all times, the Gold Coins and Gold Backed Digital Tokens remain fully backed by physical gold reserves.
</blockquote>
Ncube also affirmed that the Zimbabwean Government is dedicated to upholding macro-economic stability and eradicating detrimental and destabilising <a class="MarkdownLink_linkifiedLink__KxC9G">arbitrage conditions</a> that have plagued the economy and harmed the general population.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

Finance Minister Announces Measures To Stabilise Exchange Rate And Macroeconomy

The Zimbabwe dollar official exchange rate was US$1: ZWL$928.5887 as per the results of the foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today (Tuesday 28 March 2023).
The weighted average moved up from US$1: ZWL$915.1822, the Zimbabwe dollar official rate for the week of <a href="https://zero.pindula.co.zw/zimbabwe-dollar-official-rate-as-of-21-march-2023/">21-27 March 2023.</a>
RBZ said a total of US$ 20,095,134.78 was allotted today up from US$18,719,881.96, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$1,950,094.82 down from US$2,530,187.62.
The total amount allotted on the Main Forex Auction was US$16,769,787.14 down from US$17,289,752.50.
<blockquote>
♦ Weighted Average Rate 928.5887 from 915.1822.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials………………………………………….…(SME) US$794,513.90 (MA) US$9,225,734.27
Machinery and Equipment…………………………….…(SME)US$757,698.99  … (MA)US$3,035,605.25
Consumables (Incl. Spares, Tyres, Electricals, etc)………(SME)US$278,084.08  … (MA)US$1,229,890.94
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$127,196.00  … (MA)US$927,561.66
Retail and Distribution (Incl. Food, Beverages, etc)…….(SME)US$269,075.99 … (MA)US$2,067,940.33
Electricity ………………………………………………. 
Pharmaceuticals and Chemicals ……………………….… (SME)US$100,473.59 … (MA)US$407,964.89
Paper and Packaging ………………………………..…… (SME)US$52,427.76 ….(MA)US$820,967.13
TOTAL Amount allotted for the SMEFX130/2023 ………..US$2,379,470.31
TOTAL Amount allotted for the MAIN FX136/2023 ………US$ 17,715,664.47
GRAND TOTAL AWARDED ………………………… US$ 20,095,134.78
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified. 
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Dollar Official Rate - 28 March 2023

The Governor of the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a>, <a href="https://www.pindula.co.zw/John_Mangudya">John Panonetsa Mangudya</a>, has released an update on foreign exchange auction allotments for May 2022 and foreign exchange payments for the period January to May 2022. In a statement seen by Pindula News, Mangudya said a total of US$3.2 billion has been allotted since <a href="https://news.pindula.co.zw/2020/06/17/full-text-rbz-introduces-a-foreign-exchange-auction-trading-system/">the commencement of the Foreign Exchange Auction System on 23 June 2020.</a> Reads the statement:
<blockquote>
<h2>FOREIGN EXCHANGE AUCTION ALLOTMENTS FOR MAY 2022 AND FOREIGN EXCHANGE PAYMENTS FOR THE PERIOD JANUARY TO MAY 2022</h2>
In line with the Bank’s commitment to regularly keep the public informed of developments in the foreign exchange market, the Bank hereby publishes the following:
1. A list of the 682 beneficiaries of US$94 485 929 allotted under the Main Foreign Exchange Auction during the month of May 2022;
2. A list of the 1 897 beneficiaries of US$18 491 536 allotted under the SMEs Foreign Exchange Auction during the month of May 2022; and
3. A schedule showing the total foreign exchange payments for the period 1 January 2022 to 30 May 2022, by source, amounting to US$3 081 872 193 broken down as follows: – 
(i) foreign currency accounts (US$2 371 958 953),
(ii) Foreign Exchange Auction Allotments (US$641 104 461); and 
(iii) the interbank market (US$68 808 779).
The bulk of the auction allotments during the month of May 2022 (72%) was for payment for raw materials (US$51 760 820) and machinery and equipment (US$28 908 022), with the remaining 28% of the total allotments going towards payment for consumables (US$8 735 915), services (US$7 869 358), retail and distribution (US$7 544 394), pharmaceuticals and chemicals (US$4 555 774), packaging (US$3 501 917) and fuel, electricity and gas (US$101 265), as shown in the tables below.
Total cumulative foreign exchange auction allotments since inception of the Foreign Exchange Auction System stand at US$3 237 485 274. 
John P Mangudya
Governor
17 June 2022
</blockquote>
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RBZ Governor Mangudya Updates The Nation On Foreign Exchange Auction Allotments

A Harare man was found in a stationery vehicle weeks after being assaulted by his employer for demanding some money.
The <a href="https://www.pindula.co.zw/Zimbabwe_Republic_Police">Zimbabwe Republic Police (ZRP)</a> says the deceased who sustained “several injuries,” neither reported the matter to the police nor did he seek medical attention. Pindula News presents a police report on the matter:
<blockquote>
The ZRP urges the public to promptly report all cases of violence to the Police and seek medical attention when necessary.
On 3/01/22 at about 1600 hours a Harare man (44) was assaulted by a wooden plank all over the body by his employer (35) after he had demanded some money from him.
 The victim sustained a swollen head and several injuries all over the body but did not report the matter to the Police or seek medical attention. On 31/01/22 at about 0600 hours, the victim was found dead in a stationary vehicle.
</blockquote>
Worker-employee conflicts are a common phenomenon in Zimbabwe with some employers failing to pay workers in time or “enough.”
Conflicts have also been worsened by exchange rates movements that saw the local currency shedding value against the United States and other currencies thereby eroding workers’ salaries.

<ul>
<li><a href="https://news.pindula.co.zw/2022/01/25/rbz-forex-auction-results-25-january-2022/">RBZ Forex Auction Results – 25 January 2022</a></li>
<li><a href="https://news.pindula.co.zw/2022/01/28/zimbabwes-inflation-levels-fall-marginally/">Zimbabwe’s Inflation Levels Fall Marginally</a></li>
</ul>
Despite the depreciation of the local currency, some employers have been reluctant to periodically review their workers’ salaries forcing workers to declare incapacitation and or embark on industrial action.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Man Dies After Being Assaulted By Employer For Demanding Money

The Zimbabwe dollar marginally gained against the US dollar at <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">the Reserve Bank of Zimbabwe (RBZ)</a> foreign currency (forex) auction, data from the RBZ forex auction conducted on Tuesday, 30 November 2021 shows.
This week, the weighted average was US$1: ZWL$105.6896 down from last week’s rate that stood at US$1: ZWLZWL$105.6684.
In total, US$39 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is down from the US$41.95 million allotted last week.
923 bids were received on the Small to Medium enterprises forex auction, with 612 accepted and 311 disqualified. The total number of bids allotted was 612.
On the main forex auction, a total of 604 bids were received, 368 were accepted and 236 were disqualified. The total number of bids allotted was 368.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
<table class="table table-bordered table-hover" id="table_1" style="width: 65.4813%; height: 46px;">
<tbody>
<tr>
<td style="width: 70.9668%; text-align: right;" title="Character Accurarcy=99.87">                                                              SMEFX68/2021</td>
<td style="text-align: right; width: 26.4016%;" title="Character Accurarcy=99.64">MAIN FX74/2021 </td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_2" style="width: 65.6922%; height: 296px;">
<tbody>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.7">Number of Bids Received :</td>
<td style="height: 22px;" title="Character Accurarcy=99.86">923</td>
<td style="height: 22px;" title="Character Accurarcy=99.95">604</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.64">Number of Bids Disqualified :</td>
<td style="height: 22px;" title="Character Accurarcy=99.92">311</td>
<td style="height: 22px;" title="Character Accurarcy=99.94">236</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.79">Total Number of Bids Accepted :</td>
<td style="height: 22px;" title="Character Accurarcy=99.96">612</td>
<td style="height: 22px;" title="Character Accurarcy=99.96">368</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.81">Total Number of Bids Allotted :</td>
<td style="height: 22px;" title="Character Accurarcy=99.96">612</td>
<td style="height: 22px;" title="Character Accurarcy=99.97">368</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.66">Total Value of Bids Accepted :</td>
<td style="height: 22px;" title="Character Accurarcy=98.61">USD6,466,518.27</td>
<td style="height: 22px;" title="Character Accurarcy=99.06">USD32,681,877.66</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.14">Amount Allotted :</td>
<td style="height: 22px;" title="Character Accurarcy=98.68">USD6,466,518.27</td>
<td style="height: 22px;" title="Character Accurarcy=97.66">USD32,681.877.66</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.66">Highest Rate Received :</td>
<td style="height: 22px;" title="Character Accurarcy=98.72">125.0000</td>
<td style="height: 22px;" title="Character Accurarcy=98.47">120.0000</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.89">Lowest Bid Rate Received</td>
<td style="height: 22px;" title="Character Accurarcy=96.92">: 100.0000</td>
<td style="height: 22px;" title="Character Accurarcy=98.93">100.0000</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.92">Lowest Bid Rate Allotted</td>
<td style="height: 22px;" title="Character Accurarcy=98.23">: 100.0000</td>
<td style="height: 22px;" title="Character Accurarcy=98.39">100.0000</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.97">Weighted Average Rate</td>
<td style="height: 22px;" title="Character Accurarcy=98.5">: 105.6896</td>
<td style="height: 22px;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.7">PURPOSE</td>
<td title="Character Accurarcy=99.79">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.88">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Raw Materials</td>
<td title="Character Accurarcy=99.71">2,027,946.14</td>
<td title="Character Accurarcy=99.81">12,886,823.83</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.86">2,134,470.16</td>
<td title="Character Accurarcy=99.88">9,563,903.99</td>
</tr>
<tr>
<td title="Character Accurarcy=99.51">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.78">813,235.15</td>
<td title="Character Accurarcy=99.93">3,098,825.50</td>
</tr>
<tr>
<td title="Character Accurarcy=99.23">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.84">549,730.63</td>
<td title="Character Accurarcy=99.67">1,972,011.01</td>
</tr>
<tr>
<td title="Character Accurarcy=99.39">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.83">467,852.29</td>
<td title="Character Accurarcy=99.91">2,506,916.23</td>
</tr>
<tr>
<td title="Character Accurarcy=99.71">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=97.76">–</td>
<td title="Character Accurarcy=99.91">160,008.59</td>
</tr>
<tr>
<td title="Character Accurarcy=99.65">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.88">344,411.39</td>
<td title="Character Accurarcy=99.93">1,830,950.66</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Paper and Packaging</td>
<td title="Character Accurarcy=99.84">128,872.51</td>
<td title="Character Accurarcy=99.91">662,437.85</td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">TOTAL</td>
<td title="Character Accurarcy=99.95">6,466,518.27</td>
<td title="Character Accurarcy=99.9">32,681,877.66</td>
</tr>
<tr>
<td title="Character Accurarcy=99.87">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=99.88">39,148,395.93</td>
<td title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

RBZ Forex Auction Results - 30 November 2021

The Zimbabwe dollar continues to register some drops against the United States Dollar (USD) as indicated by the Reserve Bank of Zimbabwe’s Foreign Exchange (Forex) Auctions.
Since the introduction of the forex auction system last year, the Zimbabwe dollar has been steady with marginal drops registered here and there.
According to the results from the Tuesday, 2 March 2021 RBZ forex auction, the weighted average this week fell marginally from <a href="https://news.pindula.co.zw/2021/02/23/us37-19m-allotted-on-rbz-forex-auction/">US$1: ZWL$83.8868 last week</a> to US$1: ZWL$83. 8891 this week.
US$3.1 million was allocated to the Small to Medium enterprises forex auction while US$32 million was allocated to the main forex auction.
In total, US$35.1 million was allotted this week, with the bulk of the allotment (US$14.32 million) going to raw materials followed by machinery and equipment (US$5.5).
279 bids were received on the Small to Medium enterprises forex auction, with 236 accepted and 43 disqualified.
On the main forex auction, a total of 365 bids were received, 304 were accepted while 61 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.
<table>
<thead>
<tr>
<th>Purpose</th>
<th>Amount Allotted SME Auction (US$)</th>
<th>Amount Allotted Main Auction (US$)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Raw Materials</td>
<td>761 530.80</td>
<td>13 559 653.70</td>
</tr>
<tr>
<td>Machinery and Equipment</td>
<td>540 545. 30</td>
<td>5 040 973. 36</td>
</tr>
<tr>
<td>Consumables (incl Spare, Tyres, Electricals)</td>
<td>676 256. 00</td>
<td>2 632 893. 20</td>
</tr>
<tr>
<td>Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td>422 505. 26</td>
<td>2 680 874. 08</td>
</tr>
<tr>
<td>Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td>246 103. 63</td>
<td>2 622 980. 74</td>
</tr>
<tr>
<td>Fuel, Electricity and Gas</td>
<td>215 829. 26</td>
<td>3 134 583. 10</td>
</tr>
<tr>
<td>Pharmaceuticals and Chemicals</td>
<td>211 727. 57</td>
<td>2 026 113. 86</td>
</tr>
<tr>
<td>Paper and Packaging</td>
<td>31 887. 40</td>
<td>273 150. 00</td>
</tr>
<tr>
<td>Total</td>
<td>3 106 385. 22</td>
<td>32 001 222. 04</td>
</tr>
</tbody>
</table>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/Evez-DfWQAA8Eu-?format=jpg&amp;name=medium"/>

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