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, 13 September 2022.
The foreign exchange weighted average rate is now US$1: ZWL$604.2580 from US$1: ZWL$580.1865announced by the RBZ last week.
In an update seen by Pindula News, the central bank reported that a total of US$15.62 millionwas allotted to various sectors at this week’s RBZ foreign currency auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
266 bids were received on the Small to Medium Enterprises Forex Auction, with 259 accepted and 7 disqualified. The total amount allotted was USD2,196,092.29 down from the 2,659,595.81 allotted last week.
On the Main Forex Auction, a total of 127 bids were received, 126 were accepted and 1 was disqualified. The total amount allotted was USD13,429,628.61 UP from USD11,489,204.90 allotted last week.
SME FX105/2022
MAIN FX111/2022
Number of Bids Received : 266 127 Number of Bids Disqualified : 7 1 Total Number of Bids Accepted : 259 126 Total Number of Bids Allotted : 240 119 Total Value of Bids Accepted : USD2,365,809.80 JSD14,251,235.80 Amount Allotted : USD2,196,092.29 USD13,429,628.61 Highest Rate Received : 650.0000 655.0000 Lowest Bid Rate Allotted : 570.0000 570.0000 Weighted Average Rate : 604.2580
PURPOSE
AMOUNT ALLOTTED SME AUCTION
AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 709,780.41 5,583,303.10 Machinery and Equipment 547,943.76 3,879,715.95 Consumables (Incl. Spares, Tyres, Electricals, etc) 237,276.90 1,012,716.98 Services (Loans, Education, Dividends, Disinvestments, etc) 360,324.06 1,372,699.56 Retail and Distribution (Incl. Food, Beverages, etc) 189,439.82 1,114,217.08 Electricity 5,000.00 0 Pharmaceuticals and Chemicals 122,190.25 304,550.21 Paper and Packaging 24,137.09 162,425.73 TOTAL 2,196,092.29 13,429,628.61 GRAND TOTAL AWARDED 15,625,720.90
Notes
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZW$ 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 of 9 September 2022 was ZW$568.1885.