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, 11 October 2022, the weighted average rate has fallen to US$1: ZWL$628.1975.
Last week, the foreign exchange weighted average rate was US$1: ZWL$626.1893.
In an update seen by Pindula News, the central bank reported a total of US$11,053,774.79 up from USD10,496,520.56 thatwas 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.
126 bids were received on the Small to Medium Enterprises Forex Auction, with 123 accepted and 3 disqualified. The total amount allotted was USD1,347,913.87 up from USD1,158,110.96allotted last week.
On the Main Forex Auction, a total of 60 bids were received, 60 were accepted and 0 were disqualified. The total amount allotted was USDUSD9,705,860.92 up from USD9,338,409.60 allotted last week.
SMEFX109/2022 MAIN FX115/2022
Number of Bids Received : 126 60 Number of Bids Disqualified : 3 – Total Number of Bids Accepted : 123 60 Total Number of Bids Allotted : 123 60 Total Value of Bids Accepted : USD1,347,913.87 USD9,705,860.92 Amount Allotted : USD1,347,913.87 USD9,705,860.92 Highest Rate Received : 670.0000 657.5000 Lowest Bid Rate Allotted : 590.0000 598.0000 Weighted Average Rate : 628.1975
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION Raw Materials 455,578.89 4,299,583.55 Machinery and Equipment 392,102.18 2,779,647.88 Consumables (Incl. Spares, Tyres, Electricals, etc) 132,503.21 587,974.62 Services (Loans, Education, Dividends, Disinvestments, etc) 147,950.42 1,424,201.95 Retail and Distribution (Incl. Food, Beverages, etc) 103,011.20 344,895.04 Electricity – – Pharmaceuticals and Chemicals 45,139.81 220,895.05 Paper and Packaging 71,628.16 48,662.83 TOTAL 1,347,913.87 9,705,860.92
TOTAL 11,053,774.79 Notes
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), 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 06 October 2022 was ZW$604.2195