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Zimbabwe Dollar Slides down to 1:1400

The weighted average after Tuesday's auction is now 1,400 decline from the 1,200 in the previous week.

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The Zimbabwe dollar has lost significant value against the United States dollar on the foreign currency auction held by the Reserve Bank of Zimbabwe (RBZ).

On 16 May 2023, the weighted average was US$1: ZWL$1,404.8039 up from US$1: ZWL$1,212.5.8 reported on 09 May 2023.

The central bank allotted a total of US$14,444,323.31 down from US$16,349 930.31, with the majority of the allotment going to raw materials, followed by machinery and equipment.

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The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,576,700.13 down from US$2,280,785.72, while the Main Forex Auction was allotted US$13,171,159.91 down from US$16,772,580.66.

♦ Weighted Average Rate moved to 1,404.8039 up from 1,212.5.8.


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