The Reserve Bank of Zimbabwe (RBZ) official exchange rate has reached ZW$403,40 against the greenback in a development expert believed to be prompted by market forces.
There was a decline by 3,03% from last week’s rate of ZW$391,53 a trading update for this week released at the close of business Tuesday indicated.
“Meanwhile, the number of bids accepted on the Main Auction was 206, with the amount allotted standing at US$19,1 million. The highest bid received ZW$442 and a low of ZW$385,” the trading update said.
Records show that in the first week of July 2022, the exchange rates stood at US$1: ZW$ 379 which has swiftly deteriorated since then.
However, in comparison, the parallel market exchange rates are still way above the official rate, hovering between ZW$700 to ZW$800 against the greenback with speculation and forward pricing by businesses and individuals being the major driving factors.
In a bid to curb such indiscipline, the RBZ has instituted a number of measures which include the increase of lending rates, mopping up excess liquidity and engaging stakeholders to dissuade such behaviour where possible.
Meanwhile, a similar trend was maintained in the Small to Medium Enterprises Auction where raw materials received US$1,1 million, machinery and equipment US$1,3 million and consumables US$419 958.