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RBZ Foreign Currency Auction Results: 31 August 2021

2 years agoTue, 31 Aug 2021 14:55:28 GMT
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RBZ Foreign Currency Auction Results: 31 August 2021

The Zimbabwe dollar lost ground against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 31 August 2021.

Last week the weighted average was US$1: ZWL$85.9084 but fell to US$1: ZWL$86.0551 this week.

This week, US$12.3 million was allocated to the Small to Medium Enterprises forex auction while US$34.1 million was allocated to the main forex auction.

In total, US$46.5 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

932 bids were received on the Small to Medium enterprises forex auction, with 901 accepted and 31 disqualified.

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On the main forex auction, a total of 444 bids were received, 379 were accepted while 65 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.

Below is the RBZ summary of the forex auction:

Number of Bids Received : 932 444
Number of Bids Disqualified : 31 65
Total Number of Bids Accepted : 901 379
Total Number of Bids Allotted : 901 379
Total Value of Bids Accepted : USD12,372,828.11 USD37,281,155.90
Amount Allotted : USD12,372,828.11 USD34,132,367.81
Highest Rate Received : 92.0000 90.0000
Lowest Bid Rate Received : 83.0000 83.0000
Lowest Bid Rate Allotted : 83.0000 83.0000
Weighted Average Rate : 86.0551

 

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 3,192,120.15 13,093,143.79
Machinery and Equipment 3,901,801.01 8,570,635.86
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,704,547.79 2,134,357.20
Services (Loans, Education, Dividends, Disinvestments, etc) 953,761.85 1,472,119.76
Retail and Distribution (Incl. Food, Beverages, etc) 1,209,766.93 4,160,981.27
Fuel, Electricity and Gas 237,280.11 1,297,081.46
Pharmaceuticals and Chemicals 787,501.10 2,797,310.08
Paper and Packaging 386,049.17 606,738.39
TOTAL 12,372,828.11 34,132,367.81
GRAND TOTAL AWARDED   46,505,195.92

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