Forex Auction Results: Zimbabwe Dollar In Marginal Loss

The Zimbabwe dollar has slightly lost value against the United States Dollar on the Foreign Exchange Auction conducted today, 2 February 2021.

The weighted average this week rose marginally from ZWL$82.6756 last week to ZWL$83.3725 this week.

US$2.6 million, up from last weeks’ US$1 965 845.19, was allocated to the Small to Medium enterprises forex auction while US$33.7 million, up from US$26 043 880.13 last week, was allocated to the main forex auction.

In total, US$36.3 million was allotted this week with the bulk of the allotment (US$15.7 million) going to raw materials.

Of the 220 bids received on the Small to Medium enterprises forex auction, 23 were disqualified while 197 were accepted.

On the main forex auction, a total of 325 bids were received, 46 disqualified and 279 were accepted.

The Reserve Bank of Zimbabwe (RBZ) said bids that were disqualified were not eligible in terms of the Priority List.

Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.

Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.

NB: not all accepted bids were allocated funds in the second week running

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