RBZ Forex Auction: Zimbabwe Dollar Official Rate 12 July 2022

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$391.5339 from US$1: ZWL$ 379.2280 announced by the RBZ last week.

At this week’s RBZ foreign currency auction conducted on Tuesday, 12 July 2022, a total of US$23.56 million was allotted.

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

643 bids were received on the Small to Medium Enterprises Forex Auction, with 610 accepted and 33 disqualified. The total number of bids allotted was 601.

On the Main Forex Auction, a total of 212 bids were received, 206 were accepted and 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. 

                                                                                                SMEFX95/2022:MAIN FX101/2022
Number of Bids Received :643212
Number of Bids Disqualified :336
Total Number of Bids Accepted :610206
Total Number of Bids Allotted :601206
Total Value of Bids Accepted :USD4,109,266.59USD19,506,514.99
Amount Allotted :USD4,053,982.01USD19,506,514.99
Highest Rate Received :420.0000424.0000
Lowest Bid Rate Allotted :366.0000368.6400
Weighted Average Rate :391.5339 
Raw Materials1,311,715.929,854,894.09
Machinery and Equipment1,311,033.714,331,443.64
Consumables (Incl. Spares, Tyres, Electricals, etc)473,074.741,259,342.76
Services (Loans, Education, Dividends, Disinvestments, etc)429,228.961,211,749.42
Retail and Distribution (Incl. Food, Beverages, etc)291,251.461,302,076.56
Pharmaceuticals and Chemicals175,165.41701,125.19
Paper and Packaging57,773.97845,883.33

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