The value of the Zimbabwe dollar has depreciated slightly against the US dollar according to the results of the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 01 November 2022. The weighted average rate has moved to US$1: ZWL$634.2539.
Last week, the foreign exchange weighted average rate was US$1: ZWL$632.1371.
In an update seen by Pindula News, this week the central bank reported that a total of US$11,496,730.86, was alloted, up from US$10,600,227.09 that was allotted to various sectors at last 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.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX111/2022) was US$1,121,380.58 up from USD1,062,029.45 allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX117/2022) was US$10,375,350.28 down from US$USD10,637,610.97 allotted last week.
♦ Weighted Average Rate 634.2539
How the money was allocated:
Raw Materials………………………………………………………………..US$4,333,879.27
Machinery and Equipment………………………………………………US$2,592,507.19
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$853,228.67
Services (Loans, Education, Dividends, Disinvestments, etc)…US$2,484,555.16
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$772,939.83
Electricity Pharmaceuticals and Chemicals …………………………US$315,355.66
Paper and Packaging …………………………………………………………US$144,265.08
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,121,380.58
TOTAL Amount allotted for the MAIN FM117/2022 …… US$10,375,350.28
GRAND TOTAL AWARDED ……………………………. US$11,496,730.86
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 at 28 October 2022 was ZW$632.7703
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An expensive aeroplane costing USD$ 27500 per flying hour is currently enroute to a country in West Africa from Zim
We where allocated foreign currency on the RBZ auction in March 2022 and our ZWL account was debited that month but up to now we haven’t received the US dollars. This has affected our business in a big way
It is a rigged flawed system, that is not fit for purpose