Today marks the third week since the Foreign Currency Auction was launched. And today the official exchange rate that was determined by the auction is ZWL$$ 65.87
This week’s highest bid was ZWL$90 and the lowest was bid was ZWL$ 30. At the end of the auction, all bids were summed up and the RBZ came up with the weighted average of ZWL$$ 65.87, which will be this week’s official exchange rate till next week Tuesday. Read this if you want to understand how the Auction works.
Comparison with the black market rate
The black market rate currently stands at ZWL$102 according to Zimpriceck.
Of civil servants allowances
Actual value of US$75 and US$30
As a result of today’s new official exchange rate, civil servant’s US$75 allowance is actually worth US$48.43 on the black market and US$US30 allowance is actually worth US$19.37. Both increased in value from last week.
The rest of the week
Black market activity is still suppressed more than a week after the Reserve bank of Zimbabwe suspended many mobile money transactions.
Anyway, the suspension of the transactions seems to have been a genius handiwork by the RBZ as the rate has been relatively stable on the Foreign Currency Auction market as well as on the black market.
It remains to be seen if the RBZ will keep this suspension in place. Surely, a mobile money system with no Agent and Bulk transactions is not sustainable. One way or the other, the central bank has got to remove the suspension and it will be game on with the black market.