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$403.4048 from US$1: ZWL$391.5339 announced by the RBZ last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 19 July 2022, a total of US$22.92 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
594 bids were received on the Small to Medium Enterprises Forex Auction, with 569 accepted and 25 disqualified. The total number of bids allotted was 550.
On the Main Forex Auction, a total of 214 bids were received, 206 were accepted and 8 were disqualified. The total number of bids allotted was 200.
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.
| SMEFX96/2022: | MAIN FX102/2022 |
| Number of Bids Received : | 594 | 214 |
| Number of Bids Disqualified : | 25 | 8 |
| Total Number of Bids Accepted : | 569 | 206 |
| Total Number of Bids Allotted : | 550 | 200 |
| Total Value of Bids Accepted : | USD3,867,264.37 | USD19,685,492.47 |
| Amount Allotted : | USD3,762,731.31 | USD19,161,542.54 |
| Highest Rate Received : | 450.0000 | 442.0000 |
| Lowest Bid Rate Allotted : | 382.0000 | 385.0000 |
| Weighted Average Rate : | 403.4048 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,140,296.19 | 10,097,040.50 |
| Machinery and Equipment | 1,388,815.64 | 3,897,765.28 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 419,958.82 | 1,089,414.52 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 381,314.78 | 1,678,373.14 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 269,662.01 | 1,172,171.43 |
| Electricity | 3,068.45 | |
| Pharmaceuticals and Chemicals | 89,833.90 | 477,217.61 |
| Paper and Packaging | 69,781.52 | 749,560.06 |
| TOTAL | 3,762,731.31 | 19,161,542.54 |
| GRAND TOTAL AWARDED | 22,924,273.85 |