The Zimbabwe dollar has continued its downward spiral against the US dollar. According to the results of the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 20 September 2022, the weighted average rate has fallen to US$1: ZWL$613.3681.
Last week, the foreign exchange weighted average rate was US$1: ZWL$604.2580.
In an update seen by Pindula News, the central bank reported that a total of US$13.66 millionwas allotted to various sectors at this week’s RBZ foreign currency auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
245 bids were received on the Small to Medium Enterprises Forex Auction, with 230 accepted and 15 disqualified. The total amount allotted was USD2,099,695.45 down from the USD2,196,092.29 allotted last week.
On the Main Forex Auction, a total of 103 bids were received, 100 were accepted and 3 were disqualified. The total amount allotted was USD11,562,566.29 down from USD13,429,628.61 allotted last week.
SME FX105/2022Number of Bids Received |
MAIN FX111/2022245 |
| Number of Bids Disqualified : | 15 |
| Total Number of Bids Accepted : | 230 |
| Total Number of Bids Allotted : | 229 |
| Total Value of Bids Accepted : | USD2,109,508.47 |
| Amount Allotted : | USD2,099,695.45 |
| Highest Rate Received : | 655.0000 |
| Lowest Bid Rate Allotted : | 570.0000 |
| Weighted Average Rate : | 613.3681 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 544,543.20 | 5,481,712.32 |
| Machinery and Equipment | 664,958.47 | 2,897,448.71 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 286,454.89 | 781,648.34 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 288,805.86 | 1,095,578.45 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 163,244.46 | 766,563.72 |
| Electricity | 51,255.00 | |
| Pharmaceuticals and Chemicals | 92,325.75 | 353,813.31 |
| Paper and Packaging | 59,362.82 | 134,546.44 |
| TOTAL | 2,099,695.45 | 11,562,566.29 |
| GRAND TOTAL AWARDED | 13,662,261.74 |
Notes
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZW$ 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.