• Phone: +263 717 301 471
  • info@precisemrc.co.zw
Stay Connected:
Any Suggestions?
05 May

RBZ auction rate trend for the month of May

Exchange rates reflect underlying economic and political conditions. The previous global financial crisis of 2007-2008 resulted in the depreciation of currencies, and the closure of various global financial institutions and companies as a result of high exchange rates. Various authorities are concerned with the effects of the Russian and Ukraine war on exchange rates. The war has affected commodity prices and induced historic moves in exchange rate markets.

The continual weakening of the Zimbabwean dollar led the government to introduce the auction system to stabilize exchange rate fluctuation (RBZ 2020) as all economic agents were mandated to trade using the prevailing auction exchange rate.

On the 2nd of May 2023, the Reserve Bank of Zimbabwe (RBZ) announced that the official forex exchange rate rose to US$1: ZWL$1,070.4171 from US$1: ZWL$1,021.2072, reported on April 25, 2023. 


The Foreign Exchange Auction Results as of 2 May 2023 were as follows:






The central bank (RBZ) awarded a grand total of US$ 19,053,366.38 down from US$20,742,566.66 which was the grand total awarded as of 25 April 2023. The total amount allotted to the main auction decreased by 11.9% from that which was allotted as the total amount for the main auction last week. The majority of the allotment which is US$7,504,908.11 went to raw materials and the least allotment of US$37,507.60 went to lubricants. 

The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX) was US$ 2,280,785.72 from US$ 1,707,854.70 which was allotted as of 25 April 2023. The majority of the allotment which was US$ 858,356.28 went to machinery and equipment and the least allotment of US$ 48,753.05 went to paper and packaging. Under the SMEFX auction lubricants were not allocated any allotment. This then gave a weighted average of ZWL$ 1,070.4171 making it the official RBZ auction rate.

Copyrights © 2024 All Rights Reserved. Web Design by Eyetro Digital.