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Zimbabwe Dollar Drastically Falls At RBZ Foreign Currency Auction 17 May 2022

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.

 SMEFX88/2022MAINFX94/2022
Number of Bids Received :1068433
Number of Bids Disqualified :5326
Total Number of Bids Accepted :1015407
Total Number of Bids Allotted :13550
Total Value of Bids Accepted :USD8,998,155.54USD42,053,973.50
Amount Allotted :USD1,240,118.58USD5,604,709.04
Highest Rate Received: 300.0000299.0000
Lowest Bid Rate Allotted :220.0000220.000
Weighted Average Rate :258.5404 
PURPOSEAMOUNT ALLOTTED SME AUCTIONAMOUNT ALLOTTED MAIN AUCTION
Raw Materials399,298.053,162,049.14
Machinery and Equipment421,176.311,022,000.57
Consumables (Incl. Spares, Tyres, Electricals, etc)152,356.57199,557.09
Services (Loans, Education, Dividends, Disinvestments, etc)118,337.19303,837.41
Retail and Distribution (Incl. Food, Beverages, etc)82,083.50335,266.58
Electricity
Pharmaceuticals and Chemicals66,866.9650,000.00
Paper and Packaging531,998.25
TOTAL1,240,118.585,604,709.04
GRAND TOTAL AWARDED6,844,827.62 

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5 comments on “Zimbabwe Dollar Drastically Falls At RBZ Foreign Currency Auction 17 May 2022

  1. 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!

  2. 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.

  3. 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.

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