The Zimbabwe dollar lost further ground against the US dollar at the foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 06 November 2022.
The weighted average rate has moved to US$1: ZWL$ 661.5605
Last week, the foreign exchange weighted average rate was US$1: ZWL$ 654.8651.
In its latest update, the central bank said a total of US$11,551,663.39 was allotted this week, down from US$15,315,302.13whichwas allotted to various sectors at last week’s auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX117/2022) was US$ 1,284,863.86 down from the US$1,401,209.57 allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX123/2022) was US$10,266,799.53 down from US$13,914,092.56 allotted last week.
How the money was allocated:
Raw Materials ……………………………………………..……. (SME): US$495,619.80; (MA): US$5,632,710.55
Machinery and Equipment ……………………………………… (SME): US$388,883.96; (MA): US$1,178,715.22
Consumables (Incl. Spares, Tyres, Electricals, etc) ………… (SME) US$123,572.10 (MA): US$897,668.55
Services (Loans, Education, Dividends, Disinvestments, etc).… (SME): US$101,699.68 (MA): US$1,629,195.33
Retail and Distribution (Incl. Food, Beverages, etc) ……….. (SME) US$113,162.79 (MA): US$422,273.40
Electricity…………………………………………………………………………………………………
Pharmaceuticals and Chemicals ………………………………..….. (SME): US$36,526.82 (MA) US$400,182.54
Paper and Packaging ……………………………….……………… (SME): US$56,095.78 (MA): US$229,509.45
TOTAL …………………………………………………………… (SME) US$1,284,863.86 (MA): US$10,266,799.53
GRAND TOTAL AWARD………………………………………. US$11,551,663.39
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 of 2 December 2022 was ZW$629. 7067