The Zimbabwe dollar has continued its downward spiral against the US dollar. According to the results of the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 04 October 2022, the weighted average rate has fallen to US$1: ZWL$626.1893.
Last week, the foreign exchange weighted average rate was US$1: ZWL$621.5321.
In an update seen by Pindula News, the central bank reported that a total of US$10,496,520.56 down from US$11,011,895.49 was allotted to various sectors at this week’s RBZ foreign currency auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
128 bids were received on the Small to Medium Enterprises Forex Auction, with 125 accepted and 3 disqualified. The total amount allotted was USD1,158,110.96 down from USD1,468,089.44 allotted last week.
On the Main Forex Auction, a total of 66 bids were received, 64 were accepted and 2 were disqualified. The total amount allotted was USD9,338,409.60 down from USD9,338,409.60 allotted last week.
| SMEFX108/2022 AUCTION | MAIN FX114/2022 |
| Number of Bids Received : | 128 | 66 |
| Number of Bids Disqualified : | 3 | 2 |
| Total Number of Bids Accepted : | 125 | 64 |
| Total Number of Bids Allotted : | 124 | 64 |
| Total Value of Bids Accepted : | USD1,164,576.17 | USD9,338,409.60 |
| Amount Allotted : | USD1,158,110.96 | USD9,338,409.60 |
| Highest Rate Received : | 660.0000 | 655.0000 |
| Lowest Bid Rate Allotted : | 590.0000 | 590.0000 |
| Weighted Average Rate : | 626.1893 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 296,675.07 | 3,699,238.58 |
| Machinery and Equipment | 314,560.75 | 2,344,897.24 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 159,732.70 | 360,939.60 |
| Services (Loans, Education Dividends, Disinvestments, etc) | 166,311.58 | 2,403,437.57 |
| Retail and Distribution (Incl Food Beverages etc) | 114,086.32 | 300,079.77 |
| Electricity | – | – |
| Pharmaceuticals and Chemicals | 47,371.06 | 229,816.84 |
| Paper and Packaging | 59,373.48 | – |
| TOTAL | 1,158,110.96 | 9,338,409.60 |
| GRAND TOTAL AWARDED | 10,496,520.56 |
Notes
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing seller Bid Rate as of 30 September 2022 was ZW$596.2479
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The reverse bank Plenty High Degree {PhD} experts say inflation is over! Today 850 to a USD!!! Admit defeat and hopelessness! Go to the the diminishing Rand or the USD. Save Our Zimbabwean people instead of looting the country!!!