The local currency has lost further ground against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 15 March 2022.
This week the weighted average was US$1: ZWL$134.0820 down from the 1 March 2022 rate that stood at US$1: ZWL$130.1567.
In total, US$36.6 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment, the same as last week.
1 177 bids were received on the Small to Medium enterprises forex auction, with 1 105 accepted and 72 disqualified. The total number of bids allotted was 1 105.
On the main forex auction, a total of 478 bids were received, 442 were accepted and 36 were disqualified. The total number of bids allotted was 433.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
| Number of Bids Received : | 1177 | 478 |
| Number of Bids Disqualified : | 72 | 36 |
| Total Number of Bids Accepted : | 1105 | 442 |
| Total Number of Bids Allotted : | 1105 | 433 |
| Total Value of Bids Accepted : | 5,744,362.37 | 31,089,467.92 |
| Amount Allotted : | 5,744,362.37 | 30,862,194.32 |
| Highest Rate Received : | 145 | 148 |
| Lowest Bid Rate Allotted : | 127 | 130 |
| Weighted Average Rate : | 134.0820 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,388,421.01 | 13,859,233.34 |
| Machinery and Equipment | 1,937,748.88 | 7,057,444.33 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 896,069.62 | 1,949,022.49 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 649,307.99 | 2,075,741.46 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 557,616.92 | 2,971,554.31 |
| Electricity | 99475.36 | |
| Pharmaceuticals and Chemicals | 135,024.71 | 1,946,033.16 |
| Paper and Packaging | 80,697.88 | 1,003,165.23 |
| TOTAL | 5,744,362.37 | 30,862,194.32 |
