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$416.2890 from US$1: ZWL$403.4048 announced by the RBZ last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 26 July 2022, a total of US$24.1 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
704 bids were received on the Small to Medium Enterprises Forex Auction, with 640 accepted and 64 disqualified. The total number of bids allotted was 620.
On the Main Forex Auction, a total of 236 bids were received, 223 were accepted and 13 were disqualified. The total number of bids allotted was 221.
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.
| SMEFX97/2022: | MAIN FX103/2022 |
| Number of Bids Received : | 704 | 236 |
| Number of Bids Disqualified : | 64 | 13 |
| Total Number of Bids Accepted : | 640 | 223 |
| Total Number of Bids Allotted : | 620 | 221 |
| Total Value of Bids Accepted : | USD4,430,341.14 | JSD19,865,492.03 |
| Amount Allotted : | USD4,321,097.28 | USD19,787,360.03 |
| Highest Rate Received | : 500.0000 | 490.0000 |
| Lowest Bid Rate Allotted : | 398.0000 | 399.0000 |
| Weighted Average Rate : | 416.2890 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,245,137.24 | 10,699,121.87 |
| Machinery and Equipment | 1,623,759.77 | 4,211,595.65 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 471,701.87 | 1,370,024.51 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 430,799.05 | 1,594,852.38 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 303,690.14 | 1,024,040.24 |
| Electricity | 0.00 | |
| Pharmaceuticals and Chemicals | 125,599.67 | 660,457.97 |
| Paper and Packaging | 120,409.54 | 227,267.41 |
| TOTAL | 4,321,097.28 | 19,787,360.03 |
| GRAND TOTAL AWARDED | 24,108,457.31 |
Notes
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing Seller Bid Rate as at 22 July 2022 was ZWL397.3119
RESERVE BANK OF ZIMBABWE
26 July 2022