By A Correspondent- Following the introduction of a Foreign Exchange Auction Trading system by the Reserve Bank of Zimbabwe (RBZ) which came into effect this Tuesday, the official Zimbabwe dollar exchange rate to the US dollar is now $57.36.

According to the RBZ, bids totalling over USD11 million were received with the highest rate at $100 while the lowest rate was $26.

The weighted average rate was, therefore, $57.36.

This exchange rate will run for one week until next Tuesday when the next auction is held. In terms of the new system, the auctions will be held every Tuesday

This means that we will have a new rate every week – provided it changes.

See picture below: