WITH Zimbabwe still in price discovery, the country’s Foreign Currency Auction System closed bids on Tuesday with a weighted average of ZW$63,74:US$1 from last week’s rate of ZW$57,35 to US$1.
This means Zimbabwe’s official exchange rate is now ZW$63,74: US$1.
The Reserve Bank of Zimbabwe said $18,95 million bids had been received
and $16,32 million (86%) successfully allotted.
The highest bid rate was ZW$92: USD while the lowest bid recorded was
Zimbabwe’s exchange rate had been fixed at $1:25 since March this year when the country’s central bank introduced a managed rate.
Raw materials came through with the highest allotment at $7.2 million.