Tellers (Harare)

General Hand/ Housekeeper (Bulawayo)

Strategic Information Evaluation Clerk (Mberengwa)

Sales Manager (Bulawayo)

General Trade Business Development Manager (Harare)

Lubricants Sales Engineer (Harare)

IT Manager (Harare)

Safety Health & Environmental Officer (Bulawayo)

Graduate Trainee - Registry Department

Graduate Trainee- Directorate Of Post Graduate Studies

Lecturer/senior Lecturer/Associate Professor/professor For BCOM Human Resources Management – Faculty Of Law, Business Intelligence And Economics

Senior Clerical Assistant (Administration) – Grade 5

Records Assistant

Assistant Registrar – Faculties (Gweru)

Security Guards (Gweru, Harare, Kwekwe & Zvishavane campuses)

Technical Sales Person/ Aluminium (Harare)

Regional Monitoring, Evaluation & Learning (MEL) Officer (Bulawayo)

Boiler Maker (Harare)

Marketing & Sales Officer (Harare)

Compliance Officer (Harare)

Safety, Health and Environment Officer (Harare)

Business Unit Manager x2 (Harare)

Vehicle Sales Consultant - JAC (Harare)

Vehicle Sales Consultant – DONG FENG (Harare)

Vehicle Sales Consultant – BAIC (Harare)

Spray Painter (Harare)

Motor Vehicle Panel Beater (Harare)

Team Leaders x7

Billing Supervisor (Harare)

Sales Representative (Harare)

Auto Electrician: Artisan (Chipinge)

Sales Representatives (Harare)

Director Human Resource (Mutare)

Assistant Batch Plant Operator (Harare)

Legal & Compliance Manager (Harare)

Processes Analyst (Harare)

Finance Manager Corporate (Harare)

The <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe Dollar</a> slightly recovered against the <a class="MarkdownLink_linkifiedLink__KxC9G">United States</a> Dollar (USD), increasing from 6,926.5764 on June 20, 2023, to 6,326.5877 on 27 June 2023. 
According to the results of the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a> (RBZ) <a class="MarkdownLink_linkifiedLink__KxC9G">Foreign Exchange Auction</a> seen by Pindula News, the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a> awarded a total of USD797,323.53 out of the combined USD10,904,323.53 allotted at both the premium <a class="MarkdownLink_linkifiedLink__KxC9G">Foreign Exchange</a> (FX149/2023) and Wholesale foreign exchange (FX 05).
No bids were disqualified, and the total number of <a class="MarkdownLink_linkifiedLink__KxC9G">accepted bids</a> for FX149/2023 was 23, while Wholesale FX 05 accepted 12 bids.
The highest rate received for FX149/2023 was ZWL$7,261.5800 for US$1, and the <a class="MarkdownLink_linkifiedLink__KxC9G">highest rate</a> received for <a class="MarkdownLink_linkifiedLink__KxC9G">Wholesale FX 05</a> was ZWL$7,155.0000 for US$1.
The <a class="MarkdownLink_linkifiedLink__KxC9G">lowest bid rate</a> allotted for FX149/2023 was ZWL$6,620.00, and the lowest bid rate allotted for Wholesale FX 05 was ZWL$5,500.00.1).
A total of US$797,323.53 was awarded at the auction out of the combined US$10,904,323.53 allotted at both the premium Foreign Exchange (FX149/2023) and Wholesale foreign exchange (FX 05).
 The <a class="MarkdownLink_linkifiedLink__KxC9G">weighted average rate</a> was 6,326.5877.
<h3>Allocations:</h3>
The Reserve Bank of Zimbabwe allocated different amounts to various sectors of the economy as follows:
<blockquote>
<a class="MarkdownLink_linkifiedLink__KxC9G">a). Raw Materials</a> received US$263,556.10, 
b). Machinery and Equipment received US$126,774.66, 
c). Consumables (including spares, tyres, electricals, etc) received US$5,000.00, 
d). Services (loans, education, dividends, disinvestments, etc) received US$205,064.31, 
e). Retail and Distribution (including food, beverages, etc) received US$177,411.76, 
f). Paper and Packaging received US$19,516.70. 
g). Lubricants and Pharmaceuticals and Chemicals did not receive any money. 
</blockquote>
The grand total awarded was US$797,323.53.  The RBZ also said:
<blockquote>
1. All bids within the pre-announced amount were allotted in full. 
2. Bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
</blockquote>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

RBZ Foreign Exchange Auction: Zimbabwe Dollar Slightly Recovers Against USD

According to economists and business executives, the demand for commodities and services has started to weaken due to the rising cost of living. The depreciation of the Zimbabwe dollar has eroded the buying power of many people, particularly those formally employed and earning local currency.
Economics professor <a href="https://www.pindula.co.zw/Gift_Mugano/">Gift Mugano</a> stated that disposable incomes have been significantly eroded by inflation, leaving consumers with little to spend. While 80% of transactions are now conducted in US dollars, there is not enough liquidity in that currency to stimulate demand. Mugano believes that the majority of workers in the formal and informal sectors are not earning enough to stimulate demand. He said last week:
<blockquote>
It’s not about dollarisation or the US dollar dominance, but it is about liquidity, which is quite small.
That is why we have seen prices in the US dollars going down because there is no money to stimulate demand.
Buying power has been eroded and the US dollar incomes have been typically quite low.
</blockquote>
The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries/">Confederation of Zimbabwe Industries (CZI)</a> president, Kurai Matsheza, stated that companies are beginning to witness a massive decline in aggregate demand. He said:
<blockquote>
Certainly until and unless the pay adjustments match the depreciation (of the currency), aggregate demand naturally diminishes and more importantly, would the employers be able to match the salaries to the levels of (currency) depreciation? I don’t think so.
 What we are seeing in our businesses is the coming down of demand; it is drying up even the order quantities have also come down.
</blockquote>
However, the chief executive of the <a href="https://www.pindula.co.zw/ZNCC/">Zimbabwe National Chamber of Commerce (ZNCC),</a> Christopher Mugaga, believes that aggregate demand is not determined by incomes and salaries from the formal sector because they are insignificant and compensated by artificial demand. He said:
<blockquote>
Aggregate demand is not determined by incomes and salaries from the formal sector because they are very insignificant. That insignificant portion is compensated by artificial demand because there are already fears of shortages of products.
</blockquote>
According to some analysts, the decline in order quantities for manufacturers may not be due to weakening demand, but rather changes in trading terms. Schweppes managing director, Charles Msipa said companies are now insisting on upfront Zimbabwe dollar payments, which has become difficult for some. Msipa added that it is still too early to determine the demand patterns due to these changes, particularly in the formal sector, which predominantly uses the Zimbabwe dollar. Msipa stated that it is hard to know if the uptake of the product is low when retailers do not have their products on their shelves.
Last month, the Finance and Economic Development Minister, Prof <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a>, announced policy measures to stabilize the economy. However, the domestic currency has depreciated by roughly 393% against the US dollar.
While some suggest dollarisation may help, Reserve Bank of Zimbabwe Governor, Dr <a href="https://www.pindula.co.zw/John_Mangudya/">John Mangudya</a>, stated that full dollarisation of the economy would lead to weakening demand for goods and services. He said the rate at which US dollars go out is faster than the rate at which they come in, and dollarisation would lead to companies scaling down and job losses.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Business Executives: Demand Weakens Due To Rising Cost Of Living

According to a recent consumer report by IH Securities, the Zimbabwean dollar has depreciated by 647% this year, which is having a significant impact on those in the formal sector. At the start of the year, the local currency was valued at $705.42 at the central bank foreign currency auction, but as of Tuesday, it had fallen to $5,978.68. On Friday, 16 June 2023, the Reserve Bank of Zimbabwe (RBZ) stated that at the Wholesale Foreign Exchange Auction held on that day, one US dollar was traded at a rate of ZW$6,713.3462. The black market rate was at $900 when the year started but has now reached $7,800.
Month-on-month inflation has surged from 0.7% in January to 15.7%, indicating a rise in the cost of living. Official government statistics reveal that a person needed $29,499.89 in January to be deemed not poor, but this figure had risen to $39,927 by May. These developments are likely to impact the country’s economic growth, which the government initially projected at 3.8%, but revised to 6%. The International Monetary Fund projected growth at 2.5%.
IH Securities notes that the country is increasing dollarisation, but those in the formal sector are likely to be affected by the depreciation of the local currency. It says:
<blockquote>
The country continues using a dual currency structure with more than 75% of transactions in the economy being carried out in USD, based on RBZ statistics. On this backdrop, using civil servants as a proxy, salaries have also dollarized albeit still far below 2016 levels.
Regardless, USD inflation is now picking up at a faster rate compared to salary adjustments. Given the significant proportion of what is classified as informal sector that is active in maize production, and following a good agriculture season, consumers based in the agro-sector should experience a recovery in earnings from 2022 levels.
</blockquote>
IH Securities further stated that they anticipate consumer demand to remain steady, bolstered by a strong agriculture season and above-average prices of precious metals.
The financial services provider added that it believes that since the majority of the population is employed in the informal sector, where the currency of trade is the US dollar, the impact of currency headwinds will primarily affect those in the formal sector.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwean Dollar Falls 647%, Hits Formal Sector Hard: IH Securities

<div class="post--item post--single post--title-largest pd--30-0">
<div class="post--content">
Zimbabwe’s power utility, ZESA, can now bill exporters in US dollars or other foreign currency, while billing local customers in local currency for the next six months, following the gazetting of Statutory Instrument 93 of 2023.
The Exchange Control (Payment for Electricity and Related Services in Foreign Currency by Exporters and Partial Exporters) (Amendment) Order, 2023 (No. 2) was approved by the Minister of Finance and Economic Development, Professor Mthuli Ncube.
The SI requires every exporter to pay and be billed by ZESA in US dollars or the equivalent in Euros or any other currency denominated under the exchange control order on the date of payment.
Partial exporters or any other customers will be billed in Zimbabwe dollars unless they apply to enter into a foreign currency billing agreement with ZESA. The agreement must provide for the duration and renewal of the foreign currency billing agreement, failure of the customer to pay in the agreed foreign currency, and minimum notice period to switch from a foreign currency billing agreement to an ordinary contract of supply. Reads SI93:
<blockquote>
Every exporter shall pay and be billed by Zesa in United States dollars or the equivalent in Euro or any other currency denominated under the exchange control order at the international cross rate prevailing on the date of payment for the supply of electricity by Zesa to exporters.
Any partial exporter or any other customer shall be billed in Zimbabwe dollars unless such partial exporter or customer at their instance apply to enter into a foreign currency billing agreement with ZESA.
</blockquote>
<div class="ad--space pd--20-0-40">The SI also said ZESA shall bill customers who are not exporters in Zimbabwe dollars and will be in force for the next six months.</div>
<div> </div>
<div class="ad--space pd--20-0-40">In response to the directive, former Information Minister, Professor Jonathan Moy, who is in self-exile, has criticized ZESA’s directive describing it as retrogressive.</div>
In a Twitter post, Moyo questioned the timing of the Statutory Instrument, which comes on the back of pricing mayhem and forex upheavals. He also criticized the retrogressive provisions of the SI, which he says create or sustain arbitrage opportunities and undermine the credibility of the new market-determined interbank exchange rate system in its infancy. He said:
<div class="ad--space pd--20-0-40">
<blockquote>
<div class="zimpapers-dfp-inarticle">But why? The timing of this Statutory Instrument – on the back of the pricing mayhem and forex upheavals – is as odd as its retrogressive provisions that create or sustain arbitrage opportunities and undermine the credibility of the new market-determined interbank exchange rate system at its infancy!</div>
</blockquote>
<div>The Zimbabwean government’s directive allowing ZESA to bill exporters in foreign currency comes as the Zimbabwe dollar is rapidly losing value against other currencies, particularly the United States Dollar. The Treasury has recently implemented measures to stabilise the macroeconomy and the depreciating local currency, including paying some taxes in the local currency to promote its use and ease pressure on foreign currency.</div>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>
</div>
</div>
</div>

Government Allows ZESA To Bill Exporters In Foreign Currency

The price of bread in Zimbabwe has experienced a significant increase within a span of 12 hours, rising from Z$10,000 to Z$12,200.
The increase in bread prices has occurred in the context of a rapidly depreciating Zimbabwean Dollar and macroeconomic instability that has persisted in recent months. 
Award-winning journalist, Hopewell Chin’ono, says the upsurge has been attributed to the decline of the Zimbabwean Dollar, which has resulted from misplaced economic policies and corrupt governance characterized by the misappropriation of public funds and the exploitation of the country’s natural resources. He said on Twitter:
<blockquote>
Meanwhile in Zimbabwe bread has gone up inside 12 hours from Z$10,000 to Z$12,200. This has been caused by a crashing Zimbabwean Dollar due to misplaced economic policies and corrupt rule driven by the looting of public funds and plunder of the country’s natural resources.
<img alt="The price of bread in Zimbabwe has experienced a significant increase within a span of 12 hours, rising from Z$10,000 to Z$12,200." class="size-full wp-image-258431 aligncenter" decoding="async" height="680" loading="lazy" sizes="(max-width: 601px) 100vw, 601px" src="https://news.pindula.co.zw/wp-content/uploads/2023/06/Bread-price.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/06/Bread-price.jpeg 601w, https://news.pindula.co.zw/wp-content/uploads/2023/06/Bread-price-265x300.jpeg 265w" width="601"/>
</blockquote>
The fluctuations in the performance of the economy have resulted from a combination of factors, including misplaced economic policies, corruption, and mismanagement of public resources, among others. These factors have contributed to high inflation rates, a decline in the value of the local currency, and a decrease in the purchasing power of citizens. 
The Minister of Finance and Economic Development, Professor Mthuli Ncube, and the Reserve Bank of Zimbabwe have recently implemented a series of measures to stabilize the economy. However, there are no indications at present that these measures have been effective in achieving their intended outcomes.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Bread Price In Zimbabwe Surged From Z$10,000 To Z$12,200 In 12 Hours

The Zimbabwean government has announced that starting June 1, 2023, a one percent (1%) tax will be applied to all foreign payments. The move announced on May 29, 2023, is one of <a href="https://www.pindula.co.zw/2023/05/29/zimbabwe-announces-additional-measures-to-stabilize-economy-and-currency/">several measures</a> adopted by the government to address months of economic instability, rapid depreciation of the Zimbabwean dollar, and significant price hikes. Finance and Economic Development Minister, Professor Mthuli Ncube said the Treasury will:
<blockquote>
• Introduce a 1% tax on all foreign payments.
</blockquote>
The tax on all foreign payments in Zimbabwe can help the economy in multiple ways. Firstly, the revenue generated can fund public services and infrastructure development, addressing social and economic challenges. Secondly, it can reduce the outflow of foreign currency that depletes foreign exchange reserves, thereby managing its availability and flow, and reducing dependence on external sources.
Additionally, the Zimbabwean government is introducing a system to trace the origin of gold, both commercial and small-scale, in line with international standards. This follows the release of the <a href="https://www.pindula.co.zw/Aljazeera_2023_Zimbabwe_Corruption_Documentary/">Gold Mafia documentary by Al Jazeera</a>, which exposed gold smuggling and money laundering involving senior government officials, Fidelity Printers, ZIMRA, and RBZ. The country reportedly loses billions of dollars annually due to illicit gold trading through porous borders.
Ncube also stated that Treasury will now fund the Zimbabwean Dollar component of the 25% foreign currency surrendered by exporters to eliminate the creation of additional money supply. He said banks will no longer withhold any foreign currency surrendered by exporters, and all liabilities to the banks will be settled through Treasury.
The minister also stated that the Treasury will maintain the USD Cash withdrawal tax at 2%. This tax was introduced in May 2022, where the Foreign Currency Cash Withdrawal Levy for amounts above US$1,000 was reviewed from 5 cents per transaction to 2%. 
Ncube also said excise duty on fuel will now be paid for in foreign currency. This is a departure from a directive issued in 2019, as published in a Government Gazette Extraordinary dated 20th May 2019. At that time, Ncube reduced the rate of excise duty on leaded petrol and unleaded petrol to a uniform rate of $1.15 per litre and the rate of excise duty on diesel and power kerosene to a uniform rate of $0.90 per litre. The new rates were expressed in the local currency, not the US dollar. 
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Introduces A 1% Tax On All Foreign Payments

The Treasury has instructed government ministries and agencies to immediately cease charging their services exclusively in foreign currency.
In a memo to the heads of government departments and agencies, Secretary for Finance and Economic Development, Mr. <a href="https://www.pindula.co.zw/George_Guvamatanga/">George Guvamatanga</a>, stated that this practice is contrary to the government’s current policy and was contributing to the depreciation of the local currency. He said in a memo sent on Friday:
<blockquote>
Instances where Government ministries, departments and agencies show preference for the US$ when charging for services to the general public should stop forthwith as it is contrary to the current Government policy position,” 
This general rule applies to all public institutions, except where explicit authority has been granted to charge exclusively in foreign currency.
</blockquote>
The Minister of Finance and Economic Development, Prof <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a>, has already outlined measures to arrest the further deterioration of the business environment and stabilize the exchange rate, including the reaffirmation of the use of the local currency as legal tender.
The Zimbabwe dollar has lost significant value against the US dollar in recent months, leading some businesses and government departments to only accept foreign currency for their services. Those accepting the local currency have raised their prices astronomically, making them unaffordable for many. The government blames economic saboteurs and the business community for the price hikes.
<h2><a href="https://www.pindula.co.zw/">More Pindula News </a></h2>

Treasury Forbids Govt Departments From Charging Exclusively In Foreign Currency

<a href="https://www.pindula.co.zw/Kenneth_Mtata/">Reverend Dr Kenneth Mtata,</a> the current General Secretary of the <a href="https://www.pindula.co.zw/Zimbabwe_Council_of_Churches/">Zimbabwe Council of Churches (ZCC)</a> has said that trust is the missing ingredient to stabilize the Zimbabwean currency and macroeconomy.
His remarks come as the Minister of Finance and Economic Development, Professor Mthuli Ncube, announced a cocktail of measures to stabilise the foreign exchange rate and the macroeconomy.
In Twitter posts seen by Pindula News, Mtata said the recent announcement of a proposed “gold-backed digital currency” by the Reserve Bank of Zimbabwe (RBZ) to combat inflation is commendable, but it does not address the issue of eroding trust between citizens and the government.
Mtata added that recent events such as the GoldMafia documentary and the lack of responsiveness from the government have worsened the situation. He said:
<blockquote>
THE MISSING CURRENCY IN ZIM
Zimbabwe is back on the international headlines after the announcement of the proposed “gold-backed digital currency.” While efforts by the RBZ to arrest inflation should be commended, the missing piece that is not being addressed is TRUST.
Trust between citizens and the government has continued to be eroded. The recent #GoldMafia documentary and lack of responsiveness from the government has not helped the situation. The pressure of elections doesn’t allow for any meaningful national engagement.
It is, therefore, unlikely that the current initiative by the Reserve Bank will produce any meaningful improvements. A plan must be put in place to resolve the current trust deficit after elections. Only a TRUST-BACKED currency will alleviate the suffering of our people.
Zimbabwe is in huge TRUST deficit reflecting on recurrent financial troubles. The high prices, inflation, and dollarisation are partly a manifestation of broken trust. Should we not be looking for ways to rebuild this broken trust? What will a TRUST-building process look like?
</blockquote>
The declining trust in Zimbabwe’s government is a result of various factors, including corruption, economic mismanagement, and lack of transparency as well as policy inconsistencies. All these have further hindered economic growth and affected citizens and investors.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Rev Mtata: Trust Missing To Stabilise Zimbabwean Dollar, Economy

The Zimbabwe dollar has further weakened against the United States (US) dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ).</a>
On 23 May 2023, the weighted average was US$1: ZWL$1,888.0119 up from US$1: ZWL$1,404.8039 reported on 16 May 2023.
The central bank allotted a total of US$14,166,812.38 down from US$14,444,323.31, with the majority of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$957,712.91 down from US$1,576,700.13, while the Main Forex Auction was allotted US$13,209,099.47 up from US$13,171,159.91.
<blockquote>
♦ Weighted Average Rate moved to 1,888.0119 up from 1,404.8039.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials ………………………………………………Small US$288,375.10; Main US$6,799,034.39
Machinery and Equipment Small …………………… US$318,256.50; Main US$2,184,686.84
Consumables (Incl. Spares, Tyres, Electricals, etc) ….Small US$109,719.60; Main US$778,350.98
Services (Loans, Education, Dividends, Disinvestments, etc) … Small US$98,780.03; Main US$552,310.76
Retail and Distribution (Incl. Food, Beverages, etc) …. Small US$95,177.70; Main US$1,704,604.16
Pharmaceuticals and Chemicals Small ……………….. US$19,949.30; Main US$401,843.00
Paper and Packaging Small ……………………………….. US$27,454.68; Main US$788,269.34
TOTAL SMEFK138/2023: …………………………… US$957,712.91; MAIN FX144/202313,209,099.47
GRAND TOTAL AWARDED …………….. US$14,166,812.38
</blockquote>
Notes 
<blockquote>
1. All bids within the pre-announced amount were allotted in full. 
2. Bids were allotted on a pure Dutch Auction basis, in line with the refinement of the foreign exchange auction system. 
3. Bids with overdue CD1s, outstanding Bills of Entry (BOEs)and insufficient ZW$ were disqualified.
</blockquote>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Dollar Further Weakens Against US dollar On RBZ Foreign Currency Auction

A senior economist at the World Bank, Dhiraj Sharma, has said the Zimbabwean dollar is rapidly losing value, with 97% of transactions for basic commodities being conducted in United States dollars (US$).
Sharma presented these findings from the poverty, income, consumption, and expenditure surveys (PICES) conducted between July 2020 and January 2023 via telephone interviews by the Zimbabwe National Statistics Agency (ZimStat) in partnership with the World Bank and United Nations Children’s Fund. Nine rounds of the PICES survey were conducted during this period. He said:
<blockquote>
One thing that the survey started to track on was the use of foreign currency on domestic transactions.
So overall, we see, to a larger extent, other currencies are being used almost exclusively. People use the Zimbabwe dollar for transactions for about less than 3% of the transactions. And this is for five key food items which are maize meal, cooking oil, rice, beef and bread.
</blockquote>

<ul>
<li><a href="https://news.pindula.co.zw/2023/05/02/rbz-forex-auction-zimbabwe-dollar-official-rate/">RBZ Forex Auction: Zimbabwe Dollar Official Rate </a> </li>
<li><a href="https://news.pindula.co.zw/2023/04/28/some-businesses-reject-zimbabwe-dollar/">Some Businesses Reject Zimbabwe Dollar</a></li>
<li><a href="https://news.pindula.co.zw/2023/04/28/digital-currency-to-stabilise-zimbabwe-dollar-mangudya/">Digital Currency To Stabilise The Zimbabwe Dollar – RBZ </a></li>
</ul>
Sharma reported that the prices of basic commodities are increasing rapidly and the Zimbabwean dollar is losing value, with some goods only being sold in US dollars. The parallel market rate for the US dollar is at $2 700 while the <a href="https://news.pindula.co.zw/2023/05/02/rbz-forex-auction-zimbabwe-dollar-official-rate/">official rate is at $1,097</a>. Sharma also noted that dollarisation is more common in rural areas than in urban areas. He said:
<blockquote>
The US$ is being used for almost two-thirds of the US dollar or the South African rand for transactions, for 9% and the Zimbabwe dollar for 23%.
The use of foreign currency is more widespread in rural areas, which is also a novel finding. Among the five basic food items, the use of foreign currency was higher in some than others, for example cooking oil and rice.
</blockquote>
Sharma said that people are using alternative currencies because the local currency is not functioning properly as a store of value and medium of exchange.
Despite growing calls to redollarise, the government has resisted these efforts. The local currency was reintroduced by President Emmerson Mnangagwa in 2019 after a decade of dollarisation. The currency has been experiencing depreciation since then.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

World Bank Economist Says 97% Of Transactions In Zimbabwe Are In US$

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>
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Zimbabwe Dollar Official Rate - 28 March 2023

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has increased cash withdrawal limits for different categories of banking clients.
The central bank’s Financial Intelligence Unit (FIU) directed banks to increase cash withdrawals for individuals from ZW$5 000 to ZW$15 000 per week, <a href="https://www.herald.co.zw/rbz-increases-cash-withdrawal-limits/">The Herald</a> reported citing a memo sent to all banks.
Withdrawal limits for corporates have been raised to ZW$100 000 from ZW$20 000. Hospitals and clinics can withdraw up to ZW$500 000 per month while the limit has been set at ZW$1 million for local authorities.
Individuals and corporates can withdraw the maximum weekly amount in a once-off transaction or in lesser amounts that shall not exceed the stipulated limit.
Courts, the Parliament, and international organisations are not subjected to withdrawal limits. FIU director general Oliver Chiperesa said in the memo dated February 9, 2023:
<blockquote>
In order to efficiently serve the banked customers, the Financial Intelligence Unit has come up with several cash withdrawal limits that banks should apply when processing cash withdrawals for their customers.
Banks may allow the customer to withdraw the amount in a once-off transaction for the week or month, or in lesser amounts, in the aggregate, and shall not exceed the set limit in week or month.  Banks are required to undertake due diligence when processing cash requests for customers to ensure the facility is not for criminal activities.
Where a customer has a valid need to withdraw cash above the stipulated limit, the bank shall continue to submit such applications to the FIU, clearly setting out the special grounds for the request. The FIU will not grant any such request unless satisfied that no other forms of payment are reasonably available to the customer.
</blockquote>
The move comes after last week the apex bank said <a href="https://zero.pindula.co.zw/rbz-70-of-domestic-expenditure-is-in-us-dollars/">70 per cent of local transactions</a> were now in foreign currency.
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RBZ Increases Cash Withdrawal Limits

The Zimbabwe dollar has lost further ground against the US dollar at the official foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 13 September 2022.
The foreign exchange weighted average rate is now US$1: ZWL$604.2580 from US$1: ZWL$580.1865announced by the RBZ last week.
In an update seen by Pindula News, the central bank reported that a total of US$15.62 millionwas allotted to various sectors at this week’s RBZ foreign currency auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
266 bids were received on the Small to Medium Enterprises Forex Auction, with 259 accepted and 7 disqualified. The total amount allotted was USD2,196,092.29 down from the 2,659,595.81 allotted last week.
On the Main Forex Auction, a total of 127 bids were received, 126 were accepted and 1 was disqualified. The total amount allotted was USD13,429,628.61 UP from USD11,489,204.90 allotted last week.
<blockquote>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.81">
<h2>SME FX105/2022</h2>
</td>
<td title="Character Accurarcy=99.93">
<h2>MAIN FX111/2022</h2>
</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.59">Number of Bids Received :</td>
<td title="Character Accurarcy=99.81">266</td>
<td title="Character Accurarcy=99.93">127</td>
</tr>
<tr>
<td title="Character Accurarcy=99.72">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.88">7</td>
<td title="Character Accurarcy=98.85">1</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.84">259</td>
<td title="Character Accurarcy=99.95">126</td>
</tr>
<tr>
<td title="Character Accurarcy=99.79">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.82">240</td>
<td title="Character Accurarcy=99.92">119</td>
</tr>
<tr>
<td title="Character Accurarcy=99.67">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=98.87">USD2,365,809.80</td>
<td title="Character Accurarcy=82.79">JSD14,251,235.80</td>
</tr>
<tr>
<td title="Character Accurarcy=99.13">Amount Allotted :</td>
<td title="Character Accurarcy=98.11">USD2,196,092.29</td>
<td title="Character Accurarcy=98.7">USD13,429,628.61</td>
</tr>
<tr>
<td title="Character Accurarcy=99.72">Highest Rate Received :</td>
<td title="Character Accurarcy=97.3">650.0000</td>
<td title="Character Accurarcy=97.7">655.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.58">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=97.51">570.0000</td>
<td title="Character Accurarcy=97.17">570.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.57">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.48">604.2580</td>
</tr>
</tbody>
</table>
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.77">
<h2>PURPOSE</h2>
</td>
<td title="Character Accurarcy=99.73">
<h2>AMOUNT ALLOTTED SME AUCTION</h2>
</td>
<td title="Character Accurarcy=99.87">
<h2>AMOUNT ALLOTTED MAIN AUCTION</h2>
</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Raw Materials</td>
<td title="Character Accurarcy=99.86">709,780.41</td>
<td title="Character Accurarcy=99.77">5,583,303.10</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Machinery and Equipment</td>
<td title="Character Accurarcy=99.93">547,943.76</td>
<td title="Character Accurarcy=99.94">3,879,715.95</td>
</tr>
<tr>
<td title="Character Accurarcy=99.59">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.81">237,276.90</td>
<td title="Character Accurarcy=99.88">1,012,716.98</td>
</tr>
<tr>
<td title="Character Accurarcy=99.07">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.8">360,324.06</td>
<td title="Character Accurarcy=99.8">1,372,699.56</td>
</tr>
<tr>
<td title="Character Accurarcy=99.49">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.9">189,439.82</td>
<td title="Character Accurarcy=99.8">1,114,217.08</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">Electricity</td>
<td title="Character Accurarcy=99.85">5,000.00</td>
<td title="Character Accurarcy=99.56">0</td>
</tr>
<tr>
<td title="Character Accurarcy=99.69">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.92">122,190.25</td>
<td title="Character Accurarcy=99.73">304,550.21</td>
</tr>
<tr>
<td title="Character Accurarcy=99.9">Paper and Packaging</td>
<td title="Character Accurarcy=99.87">24,137.09</td>
<td title="Character Accurarcy=99.74">162,425.73</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">TOTAL</td>
<td title="Character Accurarcy=99.89">2,196,092.29</td>
<td title="Character Accurarcy=99.89">13,429,628.61</td>
</tr>
<tr>
<td title="Character Accurarcy=99.81">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=99.89">15,625,720.90</td>
</tr>
</tbody>
</table>
</blockquote>
<h2>Notes </h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZW$ and those with sufficient FCA balances were also disqualified. 
2. Some Bids were allotted on a pro-rata basis. 
3. Willing buyer Willing Seller Bid Rate as of 9 September 2022 was ZW$568.1885. 
</blockquote>
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