RBZ Says US$3.6 Billion Allotted Since Inception Of Auction System

A total of US$3 620 180 870 has been allotted to businesses on the Reserve Bank of Zimbabwe’s foreign exchange auction since the inception of the system in 2020. In a statement seen by Pindula News, RBZ governor, John Panonetsa Mangudya said:

FOREIGN EXCHANGE AUCTION ALLOTMENTS FOR OCTOBER 2022 AND FOREIGN EXCHANGE PAYMENTS FOR THE PERIOD JANUARY TO OCTOBER 2022

In line with its commitment to regularly keep the public informed of developments in the foreign exchange market, the Bank hereby advises that: –

1. The sum of US$39 184 168 was allotted to 139 beneficiaries under the Main Foreign Exchange Auction during the month of October 2022 and the sum of US$4 665 995 was allotted to 296 beneficiaries under the SMEs Foreign Exchange Auction during the month of October 2022.

2. Total foreign exchange payments for the period January 2022 to October 2022 were US$6 776 525 337 broken down as follows:-

(i) foreign currency accounts (US$5 600 214 629);

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(ii) Foreign Exchange Auction Allotments (US$1 023 800 057); and

(iii) the interbank market (US$152 510 650).

3. The bulk of the auction allotments during the month of October 2022 (67%) was for payment for raw materials (US$18 187 311) and machinery and equipment (US$11 283 105), with the remaining 33% of the total allotments going towards payment for consumables US$2 720 261), services (US$2 330 865), retail and distribution (US$1 199 247), pharmaceuticals and chemicals (US$7 709 204) and packaging (US$420 170).

4. Total cumulative foreign exchange auction allotments since inception of the Foreign Exchange Auction System stand at US$3 620 180 870.

5. Details of beneficiaries and sums allotted can be accessed on the Bank’s website, www.rbz.co.zw.

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