RBZ Foreign Auction Currency: Zimbabwe Dollar Continues To Lose Value

The Zimbabwe dollar continued to shed value against the United States dollar as observed at today’s foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ).

The foreign exchange weighted average rate has fallen to US$1: ZWL$325.3314 from US$1: ZWL$308.5201 announced by the Reserve Bank of Zimbabwe (RBZ) last week.

At this week’s RBZ foreign currency auction conducted on Tuesday, 07 June 2022, a total of US$25 million was allotted.

The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

855 bids were received on the Small to Medium enterprises forex auction, with 753 accepted and 102 disqualified. The total number of bids allotted was 753.

On the main forex auction, a total of 317 bids were received, 274 were accepted and 43 were disqualified. The total number of bids allotted was 274.

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.

 SMEFX91/2022MAIN FX97/2022
Number of Bids Received :855317
Number of Bids Disqualified :10243
Total Number of Bids Accepted :753274
Total Number of Bids Allotted :753274
Total Value of Bids Accepted :USD4,269,142.30USD20,665,498.04
Amount Allotted :USD4,269,142.30USD20,665,498.04
Highest Rate Received :350.0000350.0000
Lowest Bid Rate Allotted :295.0000295.0000
Weighted Average Rate :325.3314 
Raw Materials1,279,708.3311,493,062.61
Machinery and Equipment1,597,956.903,665,882.99
Consumables (Incl. Spares, Tyres, Electricals, etc)424,281.671,510,009.41
Services (Loans, Education, Dividends, Disinvestments, etc)325,110.731,236,837.05
Retail and Distribution (Incl. Food, Beverages, etc)312,977.80947,019.68
Pharmaceuticals and Chemicals166,387.47783,510.85
Paper and Packaging152,952.37919,909.36

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