Zim-dollar remains steady, as RBZ tackles settlement delays

February 25, 2021

Zim-dollar remains steady, as RBZ tackles settlement delays

Business Reporter

THE Zimbabwean dollar remains steady against the United States at 1:83 this week with the Reserve Bank of Zimbabwe (RBZ) saying it has resolved the issue of delayed settlement of foreign currency auction payments.

The auction system has been widely embraced by business leaders and is credited for bringing about pricing stability in the markets.

The official exchange rate continues to hold steady, as the auction has removed speculative trading on the Zimbabwe dollar.

Following the latest auction on Tuesday, the Zimbabwe dollar will this week trade 0,1 percent lower against the United States dollar at $83,88 from $83,75.

Similarly, to the past couple of weeks, there were no disparities between bids accepted and bids allotted.

All accepted bids were fully allotted, with the big companies being allotted the bulk of the foreign currency at US$34, 61 million, while SMEs took up US$2,57 million.

This week’s allotments totalled to US$37, 1 million.