The Reserve Bank of Zimbabwe (RBZ) launched its first official foreign exchange auction last Monday, selling US $477,557.91 of the US $5.0mn available at an average exchange rate of ZWD4, 196.58/US$. This move marks a change in the RBZ's previous policy of maintaining the official ...
The International Monetary Fund (IMF) early this year also encouraged the Government to accelerate the reform of the foreign exchange market by promoting a more transparent and market-driven price discovery in the official exchange rate and by removing existing exchange-rate restrictions and distortions...
The remainder is taken by the RBZ and given to exporters in Zimbabwe dollar at prevailing official exchange rate. “Foreign currency retention on domestic sales in foreign currency has been increased to 75%. The foreign currency retention thresholds on exports and domestic FCAs [foreign currency acc...
He said: “The Exchange rate has started to fall rapidly on the parallel market to an extent where now the parallel rate is now around ZWL$1800 against the official rate which is around ZWL$1000 that is an 80% disparity and it seems to be continuing to rise. This has been...
However, speaking during a CEO Africa Roundtable meeting in Harare yesterday, RBZ governor John Mangudya said the auction system, which was set up in June 2020 to provide cheaper foreign currency to business, would continue determining the official exchange rate. ...
The Reserve Bank of Zimbabwe (RBZ) closed the auctioning of forex on December 14 with the exchange rate pegged at 108,7 as most companies had closed for the festive season. However, the weekly auction system that was initially planned to resume trading last week Tuesday but authorities citied...
Yearly inflation rates have since fallen from a high of 837 % to the current 194 % as at April 30, 2021 amid the slowdown of the Zimbabwe dollar depreciation on both the parallel and official exchange rate markets. Several listed companies and banks have since acknowledged the platform’s imp...
Accountants Ernst & Young said part of the accounts do not meet standards of reporting in hyperinflation conditions, especially as they relate to the use of the official exchange rate. But Simbisa said the report does not consider the “deficiencies” of the auction, introduced mid-last year. ...
However, speaking during a CEO Africa Roundtable meeting in Harare yesterday, RBZ governor John Mangudya said the auction system, which was set up in June 2020 to provide cheaper foreign currency to business, would continue determining the official exchange rate. ...
“If we close the free market, we create the parallel market. Between July and September there was consistency between parallel and official exchange rate of 15-20 percent disparity. “Our wish is to narrow the gap, which is why the RBZ adopted the willing-buyer, willing-seller exchange rate...