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Zim dollar loses ground against USD

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Zim dollar loses ground against USD. The Zimbabwe dollar has marginally lost ground against the US dollar according to results from the Reserve Bank of Zimbabwe’s foreign exchange auction.

Results from the Tuesday, 27 April 2021 RBZ forex auction show that the weighted average fell slightly from US$1: ZWL$84.4826 last week to US$1:ZWL$84.5032 this week.

This week US$4 385 395.92 was allocated to the Small to Medium Enterprises forex auction while US$31 387 680.99 was allocated to the main forex auction.

In total, US$35 773 076.91 was allotted this week, with the bulk of the allotment (US$13 736 871.30) going to raw materials followed by machinery and equipment (US$6 460 964.38).

352 bids were received on the Small to Medium enterprises forex auction, with 293 accepted and 59 disqualified.

On the main forex auction, a total of 335 bids were received, 265 were accepted while 70 were disqualified. The Reserve Bank of Zimbabwe (RBZ) said bids that were disqualified were not eligible in terms of the Priority List.

Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified. Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 990,218.19 12,746,653.11
Machinery and Equipment 934,414.01 5,526,550.37
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,124,974.63 2,358,267.78
Services (Loans, Education, Dividends, Disinvestments, etc) 265,386.45 2,018,322.78
Retail and Distribution (Incl. Food, Beverages, etc) 355,253.43 2,609,517.37
Fuel, Electricity and Gas 265,435.96 3,348,728.98
Pharmaceuticals and Chemicals 297,221.30 1,624,061.22
Paper and Packaging 152,491.95 1,155,579.38
TOTAL 4,385,395.92 31,387,680.99
GRAND TOTAL AWARDED 35,773,076.91

 

RBZ Letter

Source – Pindula News

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