Forex Auction Results – Zim Dollars Marginally Loses Against The USD

The Zimbabwe dollar has continued to drop against the United States Dollar (USD) as indicated by the Reserve Bank of Zimbabwe’s Foreign Exchange (Forex) Auction.

According to the results from the Tuesday, 23 March 2021 RBZ forex auction, the weighted average this week fell marginally from ZWL$83. 9830 last week to US$1: ZWL$84. 1197 this week.

US$3 million was allocated to the Small to Medium enterprises forex auction while US$32 million was allocated to the main forex auction.

In total, US$35.6 million was allotted this week, with the bulk of the allotment (US$12.9 million) going to raw materials followed by machinery and equipment (US$7.6 million).

298 bids were received on the Small to Medium enterprises forex auction, with 223 accepted and 75 bids were disqualified.

On the main forex auction, a total of 333 bids were received, 284 were accepted while 94 were disqualified.

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.

Below is a full report of the auction.

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