{"id":79386,"date":"2023-06-21T11:15:20","date_gmt":"2023-06-21T09:15:20","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders"},"modified":"2023-06-21T14:36:30","modified_gmt":"2023-06-21T12:36:30","slug":"rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders","title":{"rendered":"RBZ Auction: ZWL depreciates by 3,1% as limited local currency chokes bidders"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>THE ZW$ depreciated slightly by 3,1% on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week with a section of market watchers attributing the decline to the reduction of usable local balances in the market.<\/p>\n

A trading update released at the close of business Tuesday shows that the official rate depreciated to US$1: ZW$ 6 926 down from ZW$6 713 set by the Wholesale Auction last week to signify a 3,1% depreciation margin.<\/p>\n

A total US$1,1 million was allotted on the Foreign Exchange Auction with US$10,6 million being allotted on the Wholesale Auction.<\/p>\n

Economic analyst Persistence Gwanyanya said this week\u2019s Wholesale and Dutch Auction results is clear testimony confirming the argument of tightening ZW$ conditions.<\/p>\n

\u201cOnly 12 out of 19 banks managed to submit their applications for forex ostensibly on account of tight ZW$ positions.<\/p>\n

\u201cImagine what will happen next week after quarterly collections tax payments from companies by the treasury. As l have always argued, aggressive demand for ZW$ by the government will be a game changer.<\/p>\n

\u201cThat way we expect voluntary US$ liquidation, which is key to sustaining stability,\u201d he said.<\/p>\n

The bulk of allotments during the day went towards raw materials needs at US$251 242, machinery and equipment US$576 203 and Consumables US$69 339.<\/p>\n

Large corporations and other entities are now accessing the foreign currency through the Wholesale platform via banks at market determined rates.<\/p>\n

Meanwhile, trades on the parallel market are hovering around US$1:ZW$6 500 but the majority of traders continue to face challenges to meet demand prompting some dealers to pay much lesser premiums in some instances.<\/p>\n

The situation is however different with some retailers who are indexing the greenback at much higher premiums.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. THE ZW$ depreciated slightly by 3,1% on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week with a section of market watchers attributing the decline to the reduction of usable local balances in the market. A trading update released at the close of business Tuesday shows that the official rate […]<\/p>\n","protected":false},"author":84,"featured_media":79384,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":["post-79386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nRBZ Auction: ZWL depreciates by 3,1% as limited local currency chokes bidders - zimbabwe<\/title>\n<meta name=\"description\" content=\"THE ZW$ depreciated slightly by 3,1% on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week with a sec ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ Auction: ZWL depreciates by 3,1% as limited local currency chokes bidders\" \/>\n<meta property=\"og:description\" content=\"THE ZW$ depreciated slightly by 3,1% on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week with a sec ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T09:15:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-21T12:36:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1687334681.082404.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"RBZ Auction: ZWL depreciates by 3,1% as limited local currency chokes bidders\",\"datePublished\":\"2023-06-21T09:15:20+00:00\",\"dateModified\":\"2023-06-21T12:36:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders\"},\"wordCount\":295,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1687334681.082404.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-zwl-depreciates-by-31-as-limited-local-currency-chokes-bidders\",\"name\":\"RBZ Auction: ZWL depreciates by 3,1% as limited local currency chokes bidders - 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