Zimbabwe’s economic development is hampered by price and exchange rate instability, misallocating productive resources, high informality, low investment, and limited structural transformation. Economic growth has been volatile over the past decade. High inflation, multiple exchange rates, and unsustainable debt levels have increased the cost of production, reduced incentives for productivity-enhancing investment, and encouraged informality. Trade integration has declined, and foreign direct investment (FDI) remains low, limiting the transfer of new technologies and investment in modernizing the economy.
In a significant blow to Zimbabwe’s economy, the country`s dollar experienced a sharp decline of 8.8% during Tuesday`s foreign exchange auction. The official exchange rate now stands at ZWL 5,015.4279 against the US Dollar compared to ZWL 4,610 it was trading as at 5th of September 2023. This extreme decline was due to the overvaluation and advocation of the local currency for the government to relax foreign currency controls.
On Tuesday, 19th of September 2023 Reserve Bank of Zimbabwe announced the Wholesale Foreign Exchange Auction rate results as done weekly. 20 bids were received and 17 bids were accepted from banks, giving a total of ZWL$ 18,250,000. The highest bid rate received was ZWL$ 5,200 while the lowest bid rate allowed was ZWL$ 4,927 giving a weighted average of ZWL$ 5,015.4279 which is the current wholesale auction rate.
The Exchange Rates are as follows:
The following survey reports are always available
• Sectorial-Based Salary Survey Report
• National Salary Survey Report (Consolidation of 13 sectors)
• Non-Executive Directors Fees Survey Report
• Human Resource Policy Documents