The Zimbabwe dollar has lost further ground against the US dollar as indicated by the results of the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 05 October 2021.
Last week the weighted average was US$1: ZWL$87.6653 and fell to US$1: ZWL$88.5532 this week.
This week, US$10.69 million was allocated to the Small to Medium Enterprises forex auction while US$35.79 million was allocated to the main forex auction.
In total, US$46.49 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
1 217 bids were received on the Small to Medium enterprises forex auction, with 1 164 accepted and 53 disqualified.
On the main forex auction, a total of 466 bids were received, 444 were accepted while 22 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 : | 1 217 | 466 |
| Number of Bids Disqualified : | 53 | 22 |
| Total Number of Bids Accepted : | 1 164 | 444 |
| Total Number of Bids Allotted : | 164 | 444 |
| Total Value of Bids Accepted : | USD10,695,839.38 | USD35,798,776.22 |
| Amount Allotted : | USD10,695,839.38 | USD35,798,776.22 |
| Highest Rate Received : | 98.0000 | 96.0000 |
| Lowest Bid Rate Received : | 85.0000 | 85.0000 |
| Lowest Bid Rate Allotted : | 85.0000 | 85.0000 |
| Weighted Average Rate : | 88.5532 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 3,247,758.50 | 15,226,564.09 |
| Machinery and Equipment | 3,595,447.33 | 8,272,309.33 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 1,431,730.56 | 3,597,274.31 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 799,181.28 | 1,759,691.19 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 997,704.92 | 3,573,549.89 |
| Fuel, Electricity and Gas | 29,354.10 | 129,343.11 |
| Pharmaceuticals and Chemicals | 405,158.72 | 2,131,929.23 |
| Paper and Packaging | 189,503.97 | 1,108,115.07 |
| TOTAL | 10,695,839.38 | 35,798,776.22 |
| GRAND TOTAL AWARDED | 46,494,615.60 |
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A disaster unfolding under clueless ZANUPF without redemption…!