The official foreign exchange rate for the United States Dollar (USD) to the Zimbabwe Dollar has now moved to US$1: ZWL$63.74 following the conclusion of the first day of the Reserve Bank of Zimbabwe’s new forex auction system.
Before today, the official rate was at ZWL$57 for every USD.
The weighted average of ZWL$63.74 for every US dollar, will be the official exchange rate until the next auction on Tuesday.
US$18.95 million was traded on Monday with the highest bid coming in at ZWL$92 while the lowest bid came in at ZWL$37.8
Zimbabwe announced that it was dropping the fixed foreign exchange rate last week when the government announced that civil servants will be getting a 50 per cent salary increment as well as a US$75 Covid-19 allowance for the next three months.