Sanity prevails in Zimbabwe’s exchange rate system

A fruitful month in the stability of the Zimbabwe dollar ended with the local currency trading at 81.44 to the United States according to this Tuesday’s Reserve Bank of Zimbabwe-RBZ auction results.

Pegged at 81.50 last week, the Zimbabwe dollar strengthened once again this week with this Tuesday’s RBZ auction system leaving the local currency selling at 81.44 per every US dollar.

The results complete a month characterised by currency stability.

A total of 24 million United States dollars were allotted this Tuesday with all qualifying bids being satisfied, which speaks volumes of huge confidence around the country’s monetary system.

An economist, Mr Persistence Gwanyanya asserts that the exchange rate management system currently in place has managed to bring about the much-needed stability and will have a positive bearing on the overall economy in the medium to long term.
“The latest round of the forex auction system has indeed proved that it’s now all systems go, the country is having enhanced stability on the exchange rate front and it is highly commendable moving forward.”

The masterstroke RBZ’s dual foreign auction system has effectively dealt with exchange rate instability that was threatening to derail Zimbabwe’s economic development.

 

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