Home LOCAL NEWS Zimbabwe Dollar Continues To Shed Value Against The USD – FOREX AUCTION

Zimbabwe Dollar Continues To Shed Value Against The USD – FOREX AUCTION

“Govt The Main Driver Of Black Market”: MDC’s Tapiwa Mashakada

The Zimbabwe dollar has at this week’s Reserve Bank of Zimbabwe (RBZ) foreign currency auction lost value against the United States dollar after trading at an average of 76.76 down from an average of 72.1470 at last week’s auction.

The total allotted amount was 14 356 193. 21 down from 14 853 708. 88 allotted last week.

In relation to demand and supply, the demand during the first week was 11 million and the central bank allotted 10 million whereas yesterday the demand stood at 19 million while 14 million was allotted.

The trend shows a gap between demand and supply. The lowest bid on the first day of the auction was accepted and got allocation but this Tuesday, the lowest bid accepted for allotment was 75 when the lowest bidder was on 70.

These changes are suggestive of the RBZ trying to preserve the little foreign currency they have, presumably to continue with the auction system.

Trending On ZIMetro News. . .

  Conman ‘Teemak’ now in therapy; bishop father to pay off his Ponzi scheme victims HARARE – A 23-year-old man who duped dozens of Zimbabweans dotted around the globe through a Ponzi scheme is currently undergoing therapy, his sister has said. Conman 'Teemak' now in therapy; bishop father to pay off his Ponzi scheme victims Namatai Marygrace Chipunza took to Facebook in the aftermath of news reports exposing the self-proclaimed millionaire Taona Oswald Chipunza – known among socialites as Teemak...read more