The Zimbabwe dollar continued to shed value against the United States dollar as observed at today’s foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ).
The foreign exchange weighted average rate has fallen to US$1: ZWL$379.2280 from US$1: ZWL$366.2687 announced by the RBZ last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 05 July 2022, a total of US$23.3 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
661 bids were received on the Small to Medium Enterprises Forex Auction, with 631 accepted and 30 disqualified. The total number of bids allotted was 623.
On the Main Forex Auction, a total of 232 bids were received, 225 were accepted and 7 were disqualified. The total number of bids allotted was 223.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
SMEFX95/2022 MAIN FX101/2022
Number of Bids Received : 661 232 Number of Bids Disqualified : 30 7 Total Number of Bids Accepted : 631 225 Total Number of Bids Allotted : 623 223 Total Value of Bids Accepted : USD3,747,679.66 USD19,749,893.72 Amount Allotted : USD3,714,582.77 USD19,678,200.34 Highest Rate Received : 405.0000 405.0000 Lowest Bid Rate Allotted : 357.0000 358.0000 Weighted Average Rate : 379.2280
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION Raw Materials 1,053,813.06 10,392,012.65 Machinery and Equipment 1,325,359.34 3,713,592.90 Consumables (Incl. Spares, Tyres, Electricals, etc) 465,415.84 1,126,749.29 Services (Loans, Education, Dividends, Disinvestments, etc) 346,621.19 1,939,083.34 Retail and Distribution (Incl. Food, Beverages, etc) 228,776.94 1,324,487.84 Electricity 7,106.76 49,429.56 Pharmaceuticals and Chemicals 167,888.76 753,905.51 Paper and Packaging 119,600.88 378,939.25 TOTAL 3,714,582.77 19,678,200.34 GRAND TOTAL AWARDED 23,392,783.11