BAD NEWS: Mthuli Ncube's Zimbabwe dollar continues to lose value

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THE official exchange rate has slightly increased to $83,40 to the United States dollar after yesterday’s main foreign currency auction sessions.

Last week, the exchange rate was at US$1:$82,91, less than half-a-percent change on the week before.

A trading update released by the Reserve Bank of Zimbabwe (RBZ) at the close of business on Tuesday also showed total bids of US$15 million were on the foreign currency auction market with US$960 791 84 on the SMEs auction.

The forex from the two auction systems were allotted to raw materials, machinery, retail and distribution, services, fuel, electricity and gas, and many others.

The SMEs auction received 85 bids, with 10 being disqualified while the main foreign currency auction had a total of 139, with 33 being rejected.

The Reserve Bank of Zimbabwe in June this year launched its first foreign currency auction in years to boost efficiency and transparency in the forex market, replacing the 1:25 fixed interbank exchange rate system, which had been in place since February.

— Chronicle


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