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RBZ Foreign Auction Currency: Zimbabwe Dollar Sheds More Value Against USD

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. 

   SMEFX92/2022MAIN FX98/2022
Number of Bids Received :849290
Number of Bids Disqualified :8232
Total Number of Bids Accepted :722258
Total Number of Bids Allotted :707252
Total Value of Bids Accepted :USD3,642,701.09USD21,635,580.55
Amount Allotted :USD3,399,345.72USD21,124,292.41
Highest Rate Received :365.0000365.0000
Lowest Bid Rate Allotted :320.0000320.0000
Weighted Average Rate :338.4921 
PURPOSEAMOUNT ALLOTTED SME AUCTIONAMOUNT ALLOTTED MAIN AUCTION
Raw Materials1,049,423.1512,017,258.17
Machinery and Equipment1,268,280.563,934,339.14
Consumables (Incl. Spares, Tyres, Electricals, etc)353,328.851,705,200.96
Services (Loans, Education, Dividends, Disinvestments, etc)212,033.06826,581.34
Retail and Distribution (Incl. Food, Beverages, etc)248,441.831,223,673.03
Electricity7,030.20119,171.66
Pharmaceuticals and Chemicals144,826.18662,634.43
Paper and Packaging115,981.89635,433.68
TOTAL3,399,345.7221,124,292.41
GRAND TOTAL AWARDED 24,523,638.13

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9 comments on “RBZ Foreign Auction Currency: Zimbabwe Dollar Sheds More Value Against USD

        1. 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.

    1. Ku compare US dollar ne bond zvakangofanana nemujolo,at the end shiri inozongofa.. from 1:1 to 1 :360

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