The value of the Zimbabwe dollar has lost further ground 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$458.3653 from US$1: ZWL$416.2890 announced by the RBZ last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 02 August 2022, a total of US$19.3 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
645 bids were received on the Small to Medium Enterprises Forex Auction, with 613 accepted and 32 disqualified. The total number of bids allotted was 521.
On the Main Forex Auction, a total of 213 bids were received, 206 were accepted and 7 were disqualified. The total number of bids allotted was 173.
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.
The willing buyer willing seller bid rate as of 28 July 2022 was ZWL$421.5251.
|Number of Bids Received :||645|
|Number of Bids Disqualified :||32|
|Total Number of Bids Accepted :||613|
|Total Number of Bids Allotted :||521|
|Total Value of Bids Accepted :||USD4,089.300.88|
|Amount Allotted :||USD3,520,179.38|
|Highest Rate Received :||520.0000|
|Lowest Bid Rate Allotted :||420.0000|
|Weighted Average Rate :||458.3653|
|PURPOSE||AMOUNT ALLOTTED SME AUCTION||AMOUNT ALLOTTED MAIN AUCTION|
|Machinery and Equipment||1,258,763.77||3,203,330.55|
|Consumables (Incl. Spares, Tyres, Electricals, etc)||388,694.50||738,106.32|
|Services (Loans, Education, Dividends, Disinvestments, etc)||374,133.63||1,456,187.60|
|Retail and Distribution (Incl. Food, Beverages, etc)||237,446.09||929,506.72|
|Pharmaceuticals and Chemicals||126,639.20||451,938.01|
|Paper and Packaging||86,163.84||182,615.32|
|GRAND TOTAL AWARDED||19,307,702.02|