RBZ Governor Relishes 70th Forex Auction Tomorrow: As Zimbabwe Dollar Falls But Steady Against USD$

The Reserve Bank of Zimbabwe Governor Dr. John Panonetsa Mangudya relishes tomorrow’s 70th forex auction as he revealed through the apex bank that the Zimbabwe dollar continued on a marginally stable though downward trajectory after losing further ground against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 02 November 2021.

At the 68th Forex Auction, the weighted average was US$1: ZWL$97.1361 and fell to US$1: ZWL$98.9821 last Tuesday on the 69th forex Auction. Tomorrow the Governor will preside over his 70th record breaking foreign currency auction which has but steadied the rate and Zimbabwe Dollar since its introduction in June last year.

Calls have been made to let the currency float or adopt a new currency but so far so good, the forex Auction has been in tandem with achieving key objectives for both the central bank and those it banks.