Zimbabwe hits 40th forex auction since its 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 yesterday’s auction to $84,4827 on the weighted average with once again all valid bids being in the $82 to $87 range and all being allotted.

Yesterday’s auction run by the Reserve Bank of Zimbabwe was the 40th with 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.

Yesterday 267 main auction bids and 257 SME auction bids 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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