RBZ Forex Auction 19/10/2021: Zimbabwe Dollar Continues To Weaken Against USD
The Zimbabwe dollar continued on a downward trajectory after losing further ground against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 19 October 2021.
Last week the weighted average was US$1: ZWL$90.0792 and fell to US$1: ZWL$93.0810 this week.
This week, US$11 million was allocated to the Small to Medium Enterprises forex auction while US$36.6 million was allocated to the main forex auction.
In total, US$47.7 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
1369 bids were received on the Small to Medium enterprises forex auction, with 1298 accepted and 71 disqualified. The total number of bids was 1243.
On the main forex auction, a total of 559 bids were received, 520 were accepted while 39 were disqualified. The total number of bids was 502.
The Reserve Bank of Zimbabwe (RBZ) said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
| Number of Bids Received |
SMEFX62/2021 1369 |
MAIN FX68/2021 559 |
| Number of Bids Disqualified : | 71 | 39 |
| Total Number of Bids Accepted : | 1298 | 520 |
| Total Number of Bids Allotted : | 1243 | 502 |
| Total Value of Bids Accepted : | USD11,188,380.30 | USD37,373,661.57 |
| Amount Allotted : | USD11,017,388.12 | USD36,688,161.11 |
| Highest Rate Received : | 105.0000 | 102.0000 |
| Lowest Bid Rate Received : | 88,5000 | 88.5000 |
| Lowest Bid Rate Allotted : | 90,0000 | 90,0000 |
| Weighted Average Rate : | 93.0810 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 3,049,941.67 | 13,799,777.83 |
| Machinery and Equipment | 3,460,523.13 | 9,877,882.27 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 1,869,021.43 | 4,290,143.67 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 1,096,008.34 | 1,835,546.53 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 985,439.47 | 3,309,357.86 |
| Fuel, Electricity and Gas | – | 87,142.85 |
| Pharmaceuticals and Chemicals | 356,694.20 | 2,181,884.67 |
| Paper and Packaging | 199,759.88 | 1,306,425.43 |
| TOTAL | 11,017,388.12 | 36,688,161.11 |
| GRAND TOTAL AWARDED | 47,705,549.23 |
