The RBZ adopted this fixed exchange rate in March to stabilise the rapidly collapsing Zimdollar, but in recent weeks the exchange rate has plummeted to US$1:$80, forcing a rethink. THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction Tuesday increased the official rate to 1:83 against the United States dollar, maintaining a very close range with parallel market rates. Commenting on the exchange rate issues, the Reserve Bank of Zimbabwe (RBZ) said the foreign exchange rate on the interbank market, which the RBZ introduced through the monetary policy of February 22, was freely floating, market-based and moving towards convergence with the black market rate. Exchange Rates – Monthly – January 2010 to latest complete month of current year. Tweet Share; By Nelson Banya I Reuters. So the black market is what has been driving the prices.”. But we are also confident that those challenges are being solved and 2019 will not be as bad as what most people are thinking,” said Mupunga. Stabilising inflation and the exchange rate are the top priorities of the Reserve Bank of Zimbabwe (RBZ) this year. Africa-focused gold miner Metallon Corporation is demanding nearly $132 million it says it is owed by Zimbabwe’s central bank, legal documents showed on Thursday, as the country’s mining sector grapples with a severe dollar crunch. The central bank foreign currency auction system Tuesday set the exchange rate at 1:65 against the US dollar, registering a 3 % decline when compared to last week. You need to make your business decisions and we strive to be your best source of information. Although there is no legal requirement for the Reserve Bank to publish data on exchange rates, the data are disseminated by the Reserve Bank as a service to the public. Please note we can no longer offer aggregated exchange rates in compliance with the RBZ directive. The exchange rate is the rate at which one currency is exchanged for another currency. Bill Payments Disclaimer Confirmation. RBZ to launch foreign exchange auction today. He explained that banks must ensure there are no moral hazards in the operation of the interbank foreign exchange market. … There is a parallel exchange rate of 1:120 and the official exchange rate remains stuck around 1:82 or 1:83. The reference rates are referred to as the "WM/Reuters New Zealand Dollar Fixes 14:00", and is calculated using an internationally accepted methodology. The CZI president said discussions were ongoing between business leaders and the Government to unravel challenges around the issues of skyrocketing prices of basic goods in the country. The auction system kicked off after a defenceless local unit depreciated at a frightening scale against major currencies … Miners sell all their output to the central bank’s subsidiary Fidelity Printers and Refiners, which then exports the gold. Over the weekend, RBZ Governor Dr Mangudya said there was US$500 million from an offshore line of credit that was going to be channelled towards the interbank market. We are not traders and cannot be accountable for any decisions you make around our data. The finance minister decried the level of indiscipline in the market in relation to galloping prices, which he said thrived on speculative sentiments and bad economic practices that have poisoned the entire economic environment. Government has, with immediate effect, removed the 1:1 foreign currency exchange rate for the procurement of fuel by Oil Marketing Companies (OMCs), which will result in the interbank market being used. The Reserve Bank of Zimbabwe (RBZ) has introduced a managed floating exchange rate system, a move meant to arrest the run-away parallel foreign exchange market which has since been determining the exchange rate, likewise curbing the rate of inflation. “The first challenge we are facing is negativity, Zimbabweans now have a challenge that we are negative on almost everything. Highlights . Both the official and parallel market exchange rates have stabilised since the introduction of a foreign currency auction system in June. . CZI president Mr Sifelani Jabangwe told our sister paper Business Weekly that rampaging parallel market rates, were behind the incessant price increases rattling the economy, as trading on the interbank remains subdued. ZIMRA rates of exchange for customs purposes for period 24 Dec 2020 to 13 Jan 2021 ZWL base. “These policies are literally destroying the economy and there’s no end in sight,” Mzilikazi Khumalo, London-based Metallon’s non-executive chairman, told Reuters. He said the fact that the International Monetary Fund has given its green-light to Zimbabwe’s austerity measures was indication that the country has taken the right path towards a stable economy. Historical Exchange Rates - 21 Jan 2021 EUR to USD 22 Dec 2020 to 21 Jan 2021 He used the dispairities that continue to exist between the parallel and official exchange rates in relation to the value of the Zimdollar and the US dollar. Our currency rankings show that the most popular Zimbabwe Dollar exchange rate is the ZWD to USD rate. Banks will not be allowed to exchange Zimbabwe dollars in their clients’ accounts for United States dollars. 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