Zimbabwe to hold next forex auction on Monday


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Zimbabwe will hold its next foreign currency auction on Monday, 21 December, the last for the year, and will close for the festive season until 12 January.

In a statement issued after the central bank’s Monetary Policy Committee meeting today, the bank said it will maintain a conservative monetary targeting framework in 2021 in order to sustain price stability in the economy.

“The Bank takes this opportunity to express its appreciation for the manner the market embraced the foreign exchange auction system and the resultant price stability that has continued to prevail in the economy since the commencement of the foreign exchange auction system at the end of June 2020,” the bank said.

“The economy has, as a result of the foreign exchange auction system and other supportive measures taken by government and the bank, witnessed an increase in the production of goods and services across most of the productive sectors, especially during the third and last quarters of this year.

“As we journey into 2021, the bank would like to assure the public that the foreign exchange auction system shall continue to be the anchor for the management of foreign currency in Zimbabwe and price and financial system stability shall remain the primary focus of the bank.”

The Zimbabwe dollar strengthened by 12 cents against the United States at the last auction on Tuesday.

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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