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The Reserve Bank of Zimbabwe RBZ Forex Auction this week saw the Zimbabwe Dollar Official Rate As Of 29 November 2022 slide to weaken further despite stability on the rate.
The Zimbabwe local Currency ZWL dollar lost further ground against the US dollar at the foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya on, 29 November 2022.
Weighted average rate moved to US$1: ZWL$ 654.8651.Only Last week, the foreign exchange weighted average rate was US$1: ZWL$ 646.2415.
Dr Mangudya said,
“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 of 25 November 2022 was ZW$620.9138.”
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