RBZ Foreign Currency Auction: Zimbabwe Dollar Drops Against USD
The Zimbabwe dollar further dropped against the United States Dollar (USD) when the Reserve Bank of Zimbabwe (RBZ) conducted a foreign currency (forex) auction on Tuesday 29 June 2021.
Results from the RBZ forex auction show that the weighted average fell slightly from US$1: ZWL$85.3664 last week to US$1: ZWL$85.4234 this week.
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This week US$8 million was allocated to the Small to Medium Enterprises forex auction while US$34 million was allocated to the main forex auction.
In total, US$42 million was allotted this week, down from US$44.8 million allotted last week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
563 bids were received on the Small to Medium enterprises forex auction, with 520 accepted and 48 disqualified.
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On the main forex auction, a total of 370 bids were received, 331 were accepted while 39 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. Pindula News present below the table summarising what transpired on Tuesday.
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,819,236.56 | 12,510,369.51 |
| Machinery and Equipment | 1,844,933.53 | 7,122,086.30 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 2,006,995.45 | 3,507,267.12 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 578,174.75 | 1,814,912.16 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 783,172.37 | 2,888,414.87 |
| Fuel, Electricity and Gas | 194,334.69 | 1,630,588.39 |
| Pharmaceuticals and Chemicals | 499,888.66 | 3,461,003.73 |
| Paper and Packaging | 312,251.64 | 1,001,078.45 |
| TOTAL | 8,038,987.65 | 33,935,720.53 |
| GRAND TOTAL AWARDED | 41,974,708.18 |
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