The Zimbabwe dollar lost further ground against the US dollar at the foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 22 November 2022.
The weighted average rate has moved to US$1: ZWL$ 646.2415.
Last week, the foreign exchange weighted average rate was US$1: ZWL$ 639.1003.
In its latest update, the central bank said a total of US$11,162,090.09, was allotted this week, down from US$13,053,307.52thatwas allotted to various sectors at last week’s 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 (SMEFX111/2022) was US$1,198,534.51 down from the US$1,333,267.85 allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX117/2022) was US$9,963,555.58 down from US$11,720,039.67allotted last week.
Weighted Average Rate 646.2415
How the money was allocated:
Raw Materials ……………………………………………………………………………………. (SME): US$402,137.60 (MA): US$3,604,555.93
Machinery and Equipment ………………………………………………………………… (SME): US$372,503.96 (MA): US$2,380,110.56
Consumables (Incl. Spares, Tyres, Electricals, etc) ……………………………… (SME): US$158,705.29 (MA): US$887,266.17
Services (Loans, Education, Dividends, Disinvestments, etc) ……………… (SME): US$72,326.33 (MA): US$1,414,437.87
Retail and Distribution (Incl. Food, Beverages, etc) …………………………….. (SME) US$130,237.34 (MA): US$456,596.30
Electricity Pharmaceuticals and Chemicals ………………………………………… (SME): US$26,037.83 (MA) US$498,493.23
Paper and Packaging …………………………………………………………………………… (SME): US$36,586.16 (MA): US$722,095.52
TOTAL ………………………………………………………………………………………………… (SME): US$1,198,53431 (MA): US$9,963,555.58
GRAND TOTAL AWARDED …………………………………………………………. US$11,162,090.09
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 18 November 2022 was ZW$613.3542