RBZ Forex Auction 26/10/2021: Zimbabwe Dollar In Sharp Decline Against USD

The Zimbabwe dollar continued on a downward trajectory after losing further ground against the US dollar at the The Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 26 October 2021.

Last week the weighted average was US$1: ZWL$93.0810 and fell to US$1: ZWL$97.1361  this week.

This week, US$9 million was allocated to the Small to Medium Enterprises forex auction while US$31.7 million was allocated to the main forex auction.

In total, US$40.7 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is down from the US$47.7 million allotted last week.

1336 bids were received on the Small to Medium enterprises forex auction, with 1282 accepted and 54 disqualified. The total number of bids allotted was 881.

On the main forex auction, a total of 598 bids were received, 568 were accepted while 30 were disqualified. The total number of bids allotted was 402.

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.

Number of Bids Received : 1336 598
Number of Bids Disqualified 54 30
Total Number of Bids Accepted : 1282 568
Total Number of Bids Allotted : 881 402
Total Value of Bids Accepted : USD11,327,283.03 JSD39,942,897.13
Amount Allotted : USD 9,047,262.59 USD31,710,331.10
Highest Rate Received : 110.000 115.0000
Lowest Bid Rate Received : 90.0000 90.0000
Lowest Bid Rate Allotted : 95.0000 95.0000
Weighted Average Rate : 97.1361
Raw Materials 2,641,419.91 13,995,057.72
Machinery and Equipment 2,938,244.92 8,412,238.04
Consumables (Incl. Spares. Tyres, Electricals, etc) 1,334,586.82 2,993,185.24
Services (Loans, Education, Dividends, Disinvestments, etc) 736,398.20 1,302,000.75
Retail and Distribution (Incl. Food, Beverages, etc) 912,835.62 2,617,756.14
Fuel, Electricity and Gas
Pharmaceuticals and Chemicals 331,653.20 1,568,495.54
Paper and Packaging 152,123.92 821,597.67
TOTAL 9,047,262.59 31,710,331.10

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One Comment on “RBZ Forex Auction 26/10/2021: Zimbabwe Dollar In Sharp Decline Against USD

  1. The best thing Zimbabwe can do is to change currency because it going to drop down that is value will be worth nothing but paper .

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