The value of the Zimbabwe dollar has continued its downward spiral against the United States dollar at the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ).
The foreign exchange weighted average rate fell to US$1: ZWL$494.9883 from US$1: ZWL$478.6358 announced by the RBZ last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 16 August 2022, a total of US$16.6 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
328 bids were received on the Small to Medium Enterprises Forex Auction, with 325 accepted and 3 disqualified. The total number of bids allotted was 316.
On the Main Forex Auction, a total of 134 bids were received, 127 were accepted and 7 were disqualified. The total number of bids allotted was 120.
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.
The willing buyer willing seller bid rate as of 11 August 2022 was ZWL$459.3308.
| Number of Bids Received : |
SMEFX101/2022 328 |
MAIN FX107/2022 134 |
| Number of Bids Disqualified : | 3 | 7 |
| Total Number of Bids Accepted : | 325 | 127 |
| Total Number of Bids Allotted : | 316 | 120 |
| Total Value of Bids Accepted : | USD2,995,988.89 | USD14,078,262.83 |
| Amount Allotted : | USD2,922,259.56 | USD13,693,994.57 |
| Highest Rate Received | : 550.0000 | 550.0000 |
| Lowest Bid Rate Allotted : | 460.0000 | 460.0000 |
| Weighted Average Rate : | 494.9883 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 885,441.90 | 7,384,103.02 |
| Machinery and Equipment | 1,072,573.36 | 2,454,333.40 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 347,769.06 | 1,136,376.08 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 239,723.78 | 1,616,091.90 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 185,127.98 | 635,402.88 |
| Electricity | – | |
| Pharmaceuticals and Chemicals | 100,573.34 | 308,449.29 |
| Paper and Packaging | 91,050.14 | 159,238.00 |
| TOTAL | 2,922,259.56 | 13,693,994.57 |
| GRAND TOTAL AWARDED | 16,616,254.13 |
