The Zimbabwe Dollar has continued to lose value against the United States Dollar on the official forex market.
At this Tuesday’s Reserve Bank of Zimbabwe wholesale foreign currency auction, the Zim dollar averaged $5 252.6558, down from $5 015.4279 per US Dollar last week.
The total amount on offer today was US$20 000 000.00 but US$18 693 948.80 was allotted.
20 bids totalling US$18 893 948.80 were received and only one bid was disqualified, with the other 19 bids receiving allotments.
The highest rate was ZWL$5 305.0000 while the lowest bid rate was ZWL$4 200.0000.
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Zimbabwe Dollar Official Rate Moves To $5 252 Per US$1

The Zimbabwe Dollar depreciated against the United States Dollar on the Reserve Bank of Zimbabwe wholesale foreign currency auction on Tuesday, 29 August.
After today’s wholesale auction, the Zimbabwe dollar averaged $4 604.62 against the US dollar.
On 21 August, the average interbank rate was $4 571.29, while on 18 August, it was $4 573.77.
Today, 18 bids were received, and all 18 bids were accepted and received allotments.
The total value of bids accepted was US$19,610,040.40 and a similar amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,650.0000 while the lowest bid rate was ZWL$4,570.0000.
The Retail Auction was allotted US$545 877.82, with the bulk of the allotment, US$220 379.23, going to services (loans, education, dividends, disinvestments, etc.).
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Zimbabwe Dollar Official Rate Moves To $4 604 Per US Dollar

President Emmerson Mnangagwa has hinted the Reserve Bank of Zimbabwe (RBZ) – controlled foreign exchange auction floor system could be done away with, saying it has served its purpose.
Mnangagwa told Brick by Brick magazine that the forex auction system was adopted to deal with a particular challenge that he said has almost been resolved. He said, as quoted by <a href="https://businesstimes.co.zw/govt-to-abandon-forex-auction-system/">Business Times</a>:
<blockquote>
As we go forward, we should reach a stage where we may not need it (Dutch forex auction system) because it’s not necessary.
It has been put there to deal with a particular challenge and I think that challenge is going away. We may reach a stage very soon where we may not need it.
</blockquote>
This comes after industry put pressure on the central bank governor, John Mangudya, to consider scrapping the “inefficient” foreign currency auction system or overhauling it.
Companies have been struggling to access foreign currency allotted to them through the foreign currency auction system, and going for several months before getting the allotted funds.
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Mnangagwa Hints At Scrapping RBZ's Forex Auction System

The local unit today gained $32.0677 against the United States dollar to average $4 505.4232 at the Reserve Bank of Zimbabwe wholesale foreign currency auction.
This Tuesday, 25 July 2023, 16 bids were received, and all 16 bids were accepted. However, only 6 bids were allotted.
The total value of bids accepted was US$14,471.600.00 and US$7,900,600.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,580.0000 while the lowest bid rate was ZWL$4,480.0000.
Below are the rates from the last six auctions:
<ul>
<li>25 July: $4 505.4232</li>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
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Zimbabwe Dollar Official Rate Now $4 505 Per US$1

The Zimbabwe dollar continued firming against the United States Dollar following the latest Reserve Bank of Zimbabwe wholesale foreign currency auction held on Thursday, 20 July.
The Zim dollar is now trading at ZWL$4 537.4909 from ZWL$4 771.3854 per US$1.
This Thursday, 13 bids were received, and all 13 bids were accepted. However, 11 bids were allotted.
The total value of bids accepted was US$6,383,500.00 and US$5,705,700 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4.711.7431 while the lowest bid rate was ZWL$4,537.4909.
Below are the rates from the last five auctions:
<ul>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
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Zimbabwe Dollar Official Rate Now $4 537 Per US$1

The Zimbabwe dollar has firmed again on the Wholesale Foreign Exchange Auction conducted on Friday, 14 July to ZWL$4883.8208 per US$1.
On Tuesday, 11 July, the weighted average was ZWL$4 998.8352, which was itself a significant recovery from the ZWL$5 251.0640 on 06 July 2023.
Today, 10 bids were received from banks, and all 10 bids were accepted but only 8 bids were allotted.
The RBZ said that the total value of bids accepted was US$5,295,000.00, while US$4,845,000.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate received was ZWL$5,037.3700 while the lowest bid rate received was ZWL$4,700.0000.
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