The Zimbabwe dollar has continued to lose value against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction, data from the RBZ forex auction conducted on Tuesday, 16 November 2021 shows.
This week, the weighted average was US$1: ZWL$105.6965, a significant fall from last week’s rate that stood at US$1: ZWL$99.9301.
This week, US$5.52 million was allocated to the Small to Medium Enterprises forex auction while US$36.22 million was allocated to the main forex auction.
In total, US$41.74 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$46.87 million allotted last week.
881 bids were received on the Small to Medium enterprises forex auction, with 693 accepted and 188 disqualified. The total number of bids allotted was 693.
On the main forex auction, a total of 623 bids were received, 420 were accepted and 203 were disqualified. The total number of bids allotted was 420.
The Reserve Bank of Zimbabwe (RBZ) said bids that were disqualified were not eligible in terms of the Priority List.
| Number of Bids Received | 881 | 623 |
| Number of Bids Disqualified | 188 | 203 |
| Total Number of Bids Accepted : | 693 | 420 |
| Total Number of Bids Allotted : | 693 | 420 |
| Total Value of Bids Accepted : | USD5,520,428.32 | USD36,228,651.92 |
| Amount Allotted : | USD5,520,428.32 | USD36,228,651.92 |
| Highest Rate Received : | 120.0000 | 120.0000 |
| Lowest Bid Rate Received : | 98.0000 | 99.0000 |
| Lowest Bid Rate Allotted : | 98.0000 | 99.0000 |
| Weighted Average Rate : | 105.6965 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,405,954.73 | 17,774,247.85 |
| Machinery and Equipment | 1,922,137.75 | 8,131,714.77 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 918,202.29 | 2,722,912.23 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 452,103.47 | 2,333,735.28 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 444,542.24 | 2,392,568.40 |
| Fuel, Electricity and Gas | 16837.16 | 55,497.02 |
| Pharmaceuticals and Chemicals | 239,740.13 | 1,797,632.32 |
| Paper and Packaging | 120,964.55 | 1,020,344.05 |
| TOTAL | 5,520,482.32 | 36,228,651.92 |
| GRAND TOTAL AWARDED | 41,749,134.24 |
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This appeases the ZanuPF pseudo economists……!