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, 18 October 2022, the weighted average rate has fallen to US$1: ZWL$629.5204.
Last week, the foreign exchange weighted average rate was US$1: ZWL$628.1975.
In an update seen by Pindula News, the central bank reported a total of US$11 734 231.57 up from US$11 053 774.79 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.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX110/2022) was USD1,062,029.45 down from US$1,347,913.87 allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FM116/2022) was USDUSDUSD10,637,610.97 up from US$9,705,860.92allotted last week.
♦ Weighted Average Rate 629.5204
How the money was allocated:
Raw Materials ………………………………………….. US$343,381.40 4,903,167.44
Machinery and Equipment ……………………… US$389,519.48 2,785,657.73
Consumables (Incl. Spares, Tyres, Electricals, etc) ………. US$97,726.58 601,674.70
Services (Loans, Education, Dividends, Disinvestments, etc) … US$70,301.60 1,558,821.32
Retail and Distribution (Incl. Food, Beverages, etc) ……… US$96,487.05 470,150.67
Electricity ……………………………………………………………….. US$0.00 0.00
Pharmaceuticals and Chemicals ………………………………….. US$28,174.94 218,624.11
Paper and Packaging ……………………………………………… US$36,438.40 99,515.00
TOTAL SMEFX110/2022 ……………………………………………. US$1,062,029.45
TOTAL MAIN FM116/2022 ………………………………………… US$10.637,610.97
GRAND TOTAL AWARDED …………………………………….. US$11,734,231.57
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 14 October 2022 was ZWS603.0626