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

1 year agoTue, 14 Jun 2022 15:01:03 GMT
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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.

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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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