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$338.4921 from US$1: ZWL$325.3314 announced by the RBZ last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 14 June 2022, a total of US$24.5 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
849 bids were received on the Small to Medium enterprises forex auction, with 722 accepted and 82 disqualified. The total number of bids allotted was 707.
On the main forex auction, a total of 290 bids were received, 258 were accepted and 32 were disqualified. The total number of bids allotted was 258.
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.
| SMEFX92/2022 | MAIN FX98/2022 |
| Number of Bids Received : | 849 | 290 |
| Number of Bids Disqualified : | 82 | 32 |
| Total Number of Bids Accepted : | 722 | 258 |
| Total Number of Bids Allotted : | 707 | 252 |
| Total Value of Bids Accepted : | USD3,642,701.09 | USD21,635,580.55 |
| Amount Allotted : | USD3,399,345.72 | USD21,124,292.41 |
| Highest Rate Received : | 365.0000 | 365.0000 |
| Lowest Bid Rate Allotted : | 320.0000 | 320.0000 |
| Weighted Average Rate : | 338.4921 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,049,423.15 | 12,017,258.17 |
| Machinery and Equipment | 1,268,280.56 | 3,934,339.14 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 353,328.85 | 1,705,200.96 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 212,033.06 | 826,581.34 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 248,441.83 | 1,223,673.03 |
| Electricity | 7,030.20 | 119,171.66 |
| Pharmaceuticals and Chemicals | 144,826.18 | 662,634.43 |
| Paper and Packaging | 115,981.89 | 635,433.68 |
| TOTAL | 3,399,345.72 | 21,124,292.41 |
| GRAND TOTAL AWARDED | 24,523,638.13 |
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Haiwawo, rate is now above 600
BOND is now a tissue paper..!
Handei tione…the comrades and cadres are laughing all the way to the bank.
It’s just sad hiw this country is continuously going down the drain
How does a rate drop from 325 to 338. Wow what kind of reporters do you have that dont proof read
Depends on how you are looking at it. A move from 325 to 338 is a loss of value of the Zim dollar against usd so it correct to say the rate dropped. If you look purely from a point t of numerical value of the numbers then it does not make sense.
We just need change for better in every aspect.m
Shame Zimbabwe suffering children
God why why why
Ku compare US dollar ne bond zvakangofanana nemujolo,at the end shiri inozongofa.. from 1:1 to 1 :360