The Zimbabwe dollar lost further ground against the US dollar at the foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 13 December 2022.
The weighted average rate has moved to US$1: ZWL$ 671.4466 661.5605.
Last week, the foreign exchange weighted average rate was US$1: ZWL$ 661.5605.
In its latest update seen by Pindula News, the central bank said a total of US$15,482,376.22 was allotted this week, up from US$11,551,663.39whichwas allotted to various sectors at last week’s auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX118/2022) was US$ 1,451,144.38 up from the US$1,284,863.86 allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX124/2022) was US$14,031,231.84 up from US$10,266,799.53 allotted last week.
How the money was allocated:
Raw Materials ……………………………………………..……. (SME): US$440,768.32; (MA): US$7,415,722.05
Machinery and Equipment ……………………………………… (SME): US$474,206.09; (MA): US$1,939,871.65
Consumables (Incl. Spares, Tyres, Electricals, etc) ………… (SME) US$151,600.13 (MA): US$1,153,586.05
Services (Loans, Education, Dividends, Disinvestments, etc).… (SME): US$162,305.52 (MA): US$1,845,029.69
Retail and Distribution (Incl. Food, Beverages, etc) ……….. (SME) US$103,189.74 (MA): US$622,726.66
Electricity…………………………………………………………………………………………………
Pharmaceuticals and Chemicals ………………………………..….. (SME): US$88,011.65 (MA) US$408,105.38
Paper and Packaging ……………………………….……………… (SME): US$31,062.93 (MA): US$646,190.36
TOTAL …………………………………………………………… (SME) US$1,451,144.38 (MA): US$14,031,231.84
GRAND TOTAL AWARD………………………………………. US$15,482,376.22
Notes
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 9 December 2022 was ZW$637.1543