RBZ Forex Auction: Zimbabwe Dollar Further Drops Against USD
The Zimbabwe dollar continued to shed value against the USD according to results from the Reserve Bank of Zimbabwe (RBZ)’s foreign exchange auction.
Results from the Tuesday, 11 May 2021 RBZ forex auction show that the weighted average fell slightly from US$1: ZWL$84.5282 last week to US$1:ZWL$84.6140 this week.
This week US$5 million was allocated to the Small to Medium Enterprises forex auction while US$37 million was allocated to the main forex auction.
In total, US$42 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
382 bids were received on the Small to Medium enterprises forex auction, with 335 accepted and 47 disqualified.
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On the main forex auction, a total of 362 bids were received, 329 were accepted while 33 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.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,193,446.14 | 16,412,069.18 |
| Machinery and Equipment | 1,327,093.83 | 6,507,907.31 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 1,097,024.55 | 3,344,573.54 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 338,693.52 | 3,166,705.23 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 454,994.39 | 2,480,283.20 |
| Fuel, Electricity and Gas | 157,948.86 | 1,446,674.21 |
| Pharmaceuticals and Chemicals | 295,113.59 | 2,087,994.87 |
| Paper and Packaging | 224,770.33 | 1,090,274.88 |
| TOTAL | 5,089,085.21 | 36,536,482.42 |
| GRAND TOTAL AWARDED | 41,625,567.63 |
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