The foreign exchange weighted average rate has fallen to US$1: ZWL$258.5404 from US$1: ZWL$173.2685 which was reported by the Reserve Bank of Zimbabwe (RBZ) on 3 May.
At this week’s forex auction conducted on 17 May, a total of US$6.8 down from the US$26.8 million that was allotted. The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
1 068 bids were received on the Small to Medium enterprises forex auction, with 1 015 accepted and 53 disqualified. The total number of bids allotted was 135.
On the main forex auction, a total of 433 bids were received, 407 were accepted and 26 were disqualified. The total number of bids allotted was 50.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
| SMEFX88/2022 | MAINFX94/2022 |
| Number of Bids Received : | 1068 | 433 |
| Number of Bids Disqualified : | 53 | 26 |
| Total Number of Bids Accepted : | 1015 | 407 |
| Total Number of Bids Allotted : | 135 | 50 |
| Total Value of Bids Accepted : | USD8,998,155.54 | USD42,053,973.50 |
| Amount Allotted : | USD1,240,118.58 | USD5,604,709.04 |
| Highest Rate Received | : 300.0000 | 299.0000 |
| Lowest Bid Rate Allotted : | 220.0000 | 220.000 |
| Weighted Average Rate : | 258.5404 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 399,298.05 | 3,162,049.14 |
| Machinery and Equipment | 421,176.31 | 1,022,000.57 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 152,356.57 | 199,557.09 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 118,337.19 | 303,837.41 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 82,083.50 | 335,266.58 |
| Electricity | – | – |
| Pharmaceuticals and Chemicals | 66,866.96 | 50,000.00 |
| Paper and Packaging | – | 531,998.25 |
| TOTAL | 1,240,118.58 | 5,604,709.04 |
| GRAND TOTAL AWARDED | 6,844,827.62 |
There is a shortage of forex at the forex (tourist) ATM machines: withdrawal fee is still USD$5 per withdrawal. Is someone stealing the money?? Welcome to 2008!
Well, well, that’s a spectacular collapse of the Zim dollar!!
This drastic fall of the Zim dollar
This drastic collapse of the Zim dollar reminds me of the feja feja economics being applied by our so called professor minister of finance, professor of trial and error economics – zvikaramba toyedza zvimwe kubondera kwega kwega prof muturi.
This drastic collapse of the Zim dollar reminds me of the feja feja economics being applied by our so called professor minister of finance, professor of trial and error economics – zvikaramba toyedza zvimwe kubondera kwega kwega prof muturi.