40th forex Auction since inception

Government and the Reserve Bank of Zimbabwe, which look more at fundamentals than historical data, and take trends into account rather than just slapping averages into an equation, see far lower figures coming up with single figures a distinct possibility. For example, the record food harvests now being gathered, and with farmers being paid at market rates, and not being cheated, will tend to keep many basic food prices stable for the next year.

The Zimbabwe dollar eased 8,5 Zimbabwean cents at the country’s 40th forex auction since inception mid last year to $84,4827 on the weighted average with once again all valid bids being in the $82 to $87 range and all being allotted.

The latest auction run by the Reserve Bank of Zimbabwe has the exchange rate moving in a very narrow range since mid-August last year although, on average, the local currency has been easing marginally each week, by around a total of 3 percent since that stability was achieved, basically reflecting the small gap in monthly inflation rates between the USA and Zimbabwe.

Some critics believe the auction is fixed with some saying it is very successful as with 267 main auction bids and 257 SME auction bids which were accepted as valid, and all were allotted. 

The total allotments were US$29,2 million on the main auction and US$3,75 million on the SME action for a total of US$32,9 million. 

Ross Moyo

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