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Resumption Of Deferred 76th Main RBZ Foreign Currency Auction Sees Zimbabwe Dollar Drop

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The Reserve Bank Of Zimbabwe (RBZ) Governor Dr John Mangudya resumption of last week’s deferred 76th Main Foreign Currency Auction has seen the Zimbabwe dollar drop and slip against the US dollar at the RBZ foreign currency (forex) auction conducted yesterday, 18 January 2021.

This week the weighted average was US$1: ZWL$112.8228 down from 14 December 2021’s rate that stood at US$1: ZWL$108.6660.

The RBZ Governor, Dr John Mangudya had last week postponed the first 2022 Foreign Exchange Auction that was scheduled for Tuesday the 11th of January.

Mangudya had said the auction will now be conducted on the 18th of this month which was timeously done yesterday. Yesterday’s Forex Auction was officially the first of 2022.

In a statement, the central bank Chancellor of the Exchequer Mangudya said “the move was in line with the need to facilitate proper documentation systems delayed due to the COVID-19 pandemic.”

Speaking to TechnoMag, RBZ Governor Dr Mangudya presented a statement to this effect last Monday a day before the anticipated 76th forex auction which was then postponed to yesterday:

“IMPACT OF COVID-19 ON SUBMISSION OF FOREIGN EXCHANGE AUCTION BID DOCUMENTATION AND DEFERMENT OF FIRST AUCTION OF 2022
The Reserve Bank of Zimbabwe wishes to advise the public that the spike in Covid-19 infections has impacted negatively on the ability of Authorised Dealers to timeously submit essential information required to carry out the due diligence on auction bid documentation submitted by their clients. As a result, Authorised Dealers were not able to submit all the required information for the first auction of 2022, originally set for 11 January 2022.”

Governor Mangudya added that, “In order to give Authorised Dealers sufficient time to carry out the necessary due diligence and submit the required documentation, the first auction of 2022 will be held on 18 January 2022.”

RBZ Governor Mangudya’s last auction was on 14 December last year. The apex bank boss then closed the Auction System in line with the resolutions of the Monetary Policy Committee (MPC) meeting of 3 Dec 2021 and in view of the festive season that was approaching.

Over 92% of the public and business community survive on forex derived from the forex auction and have welcomed the resumption of the Dutch Forex Auction.

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