Zimbabwe Dollar further Loses Value Against USD

The Zimbabwe dollar lost further ground against the US dollar at the foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) on 31 January 2023.

The RBZ forex auction weighted average rate moved to US$1: ZWL$801.6023 on 31 January 2023, from the US$1: ZWL$779.3101 that was set on 24 January 2023.

The central bank said a total of US$18,295,674.52 was allotted today, up from US$13,863,114.02 , which was allotted last week.

The bulk of the allotment went to raw materials followed by machinery and equipment.

The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was  US$1,837,006.31 up from US$1,515,043.86.

The total amount allotted on the Main Forex Auction (MAIN FX125/2023) was US$16,458,668.21 up from US$12,348,070.16.

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