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$621.5321
Last week, the foreign exchange weighted average rate was US$1: ZWL$613.3681.
In an update seen by Pindula News, the central bank reported that a total of US$11,011,895.49 down from 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.
165 bids were received on the Small to Medium Enterprises Forex Auction, with 154 accepted and 11 disqualified. The total amount allotted was USD1,468,089.44 down from the 2,099,695.45 allotted last week.
On the Main Forex Auction, a total of 68 bids were received, 64 were accepted and 4 were disqualified. The total amount allotted was USD9,543,806.05 down from USD11,562,566.29 allotted last week.
SMEFX107/2022 MAIN FX113/2022
Number of Bids Received : 165 68 Number of Bids Disqualified : 11 4 Total Number of Bids Accepted : 154 64 Total Number of Bids Allotted : 154 64 Total Value of Bids Accepted : SD1,468,089.44 USD9,543,806.05 Amount Allotted : USD 1,468,089.44 USD9,543,806.05 Highest Rate Received : 655.0000 655.0000 Lowest Bid Rate Allotted : 580.0000 580.0000 Weighted Average Rate : 621.5321
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION Raw Materials 451,213.94 4,941,632.00 Machinery and Equipment 437,007.84 1,849,668.84 Consumables (Incl. Spares, Tyres, Electricals, etc) 188,219.22 803,831.94 Services (Loans, Education, Dividends, Disinvestments, etc) 166,767.35 1,576,376.36 Retail and Distribution (Incl. Food, Beverages, etc) 122,013.72 197,761.48 Electricity – – Pharmaceuticals and Chemicals 48,938.19 174,535.43 Paper and Packaging 53,929.18 – TOTAL 1,468,089.44 9,543,806.05 GRAND TOTAL AWARDED 11,011,895.49
Notes
1. Bids with overdue CD15, outstanding Bills of Entry (B0E5), 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 23 September 2022 was ZW$587.1365