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The Zimbabwe dollar is edging closer to stability having been almost stable fending off the black market rate since the introduction of the gold coins and other measures started taking effect according to analysts.The Zimbabwe Dollar Official Rate As Of 11 October 2022 from RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 11 October 2022 saw the local currency seemingly on a downward trend against the US dollar yet more stable than in the previous years.
Results of the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya yesterday, 04 October 2022, saw the weighted average rate falling to US$1: ZWL$628.1975.Only
Last week, the foreign exchange weighted average rate was US$1: ZWL$626.1893.
Governor Mangudya revealed to TechnoMag that,
“1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
“2. Some Bids were allotted on a pro-rata basis.
“3. Willing buyer Willing seller Bid Rate as at 06 October 2022 was ZW$604.2195.”
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