RBZ Forex Auction: Zimbabwe Dollar Official Rate 23 August 2022
The Zimbabwe dollar has lost further ground against the US dollar at the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 23 August 2022.
The foreign exchange weighted average rate is now US$1: ZWL$521.4351 from US$1: ZWL$494.9883 announced by the RBZ last week.
At this week’s RBZ foreign currency auction, a total of US$18.06 million was allotted to various sectors.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
429 bids were received on the Small to Medium Enterprises Forex Auction, with 415 accepted and 14 disqualified. The total number of bids allotted was 387.
On the Main Forex Auction, a total of 166 bids were received, 159 were accepted and 7 were disqualified. The total number of bids allotted was 152.
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 19 August 2022 was ZWL$487.4680.
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 814,120.47 | 7,348,034.12 |
| Machinery and Equipment | 1,007,744.40 | 3,404,481.15 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 302,907.26 | 1,358,962.41 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 414,427.66 | 1,706,449.92 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 209,214.74 | 806,626.96 |
| Electricity | – | – |
| Pharmaceuticals and Chemicals | 109,980.15 | 199,333.94 |
| Paper and Packaging | 79,200.47 | 304,084.29 |
| TOTAL | 2,937,595.15 | 15,127,972.79 |
| GRAND TOTAL AWARDED | 18,065,567.94 |
