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Zimbabwe Dollar Falls To $290 At RBZ Forex Auction

The Zimbabwe dollar has lost further ground against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency auction conducted on Tuesday, 24 May 2022.

This week, the foreign exchange weighted average rate fell to US$1: ZWL$290.8876 from US$1: ZWL$258.5404 announced by the central bank last week.

At this week’s forex auction a total of US$25.04 million was allotted. The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

1 044 bids were received on the Small to Medium enterprises forex auction, with 989 accepted and 55 disqualified. The total number of bids allotted was 484.

On the main forex auction, a total of 381 bids were received, 339 were accepted and 42 were disqualified. The total number of bids allotted was 206.

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.

Number of Bids Received :

SMEFX89/2022

1044

MAIN FX95/2022

381

Number of Bids Disqualified :5542
Total Number of Bids Accepted :989339
Total Number of Bids Allotted :484206
Total Value of Bids Accepted :USD8,684,002.68USD32,941,798.21
Amount Allotted :USD4,423,085.55USD20,624,665.87
Highest Rate Received: 330.0000330.5200
Lowest Bid Rate Allotted :280.0000280.0000
Weighted Average Rate :290.8876

 

PURPOSEAMOUNT ALLOTTED SME AUCTIONAMOUNT ALLOTTED MAIN AUCTION
Raw Materials1,243,402.3010,659,453.77
Machinery and Equipment1,686,880.115,004,038.83
Consumables (Incl. Spares, Tyres, Electricals, etc)450,609.881,268,902.14
Services (Loans, Education, Dividends, Disinvestments, etc)301,132.00971,701.72
Retail and Distribution (Incl. Food, Beverages, etc)338,643.961,255,573.02
Electricity9,469.560
Pharmaceuticals and Chemicals221,947.22770,726.31
Paper and Packaging171,000.52694,270.08
TOTAL4,423,085.5520,624,665.87
GRAND TOTAL AWARDED 25,047,751.42

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One Comment on “Zimbabwe Dollar Falls To $290 At RBZ Forex Auction

  1. The surrogate is on a tailspin!! Come 1st July 2022, the 2nd half of the year, the rate would have fallen to over 1:700 and on the black market it would be trading at 1000 against “the real money.”

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