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Zimbabwe Dollar Loses Further Ground Against The US Dollar

The Zimbabwe dollar has continued its downward slide against the US dollar, results from the Reserve Bank of Zimbabwe’s foreign exchange auction show.

According to the results from today’s RBZ forex auction, the weighted average fell from US$1: ZWL$84.1197 last week to US$1: ZWL$84.4001 this week.

US$3.58 million was allocated to the Small to Medium Enterprises forex auction while US$32.18 million was allocated to the main forex auction.

In total, US$35.76 million was allotted this week, with the bulk of the allotment (US$16.36 million) going to raw materials followed by machinery and equipment (US$6.28 million).

300 bids were received on the Small to Medium enterprises forex auction, with 253 accepted and 47 bids disqualified.

On the main forex auction, a total of 344 bids were received, 276 were accepted while 68 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 the report of the auction (in picture form).

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