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Latest RBZ Forex Auction: Zimbabwe Dollar continues to weaken against USD

Latest RBZ Forex Auction: Zimbabwe Dollar continues to weaken against USD. Last week the weighted average was US$1: ZWL$90.0792 and fell to US$1: ZWL$93.0810 this week. This week, US$11 million was allocated to the Small to Medium Enterprises forex auction while US$36.6 million was allocated to the main forex auction.

The Zimbabwe dollar continued on a downward trajectory after losing further ground against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 19 October 2021.

In total, US$47.7 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

1369 bids were received on the Small to Medium enterprises forex auction, with 1298 accepted and 71 disqualified. The total number of bids was 1243. On the main forex auction, a total of 559 bids were received, 520 were accepted while 39 were disqualified. The total number of bids was 502.

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.

Number of Bids Received SMEFX62/2021

1369

MAIN FX68/2021

559

Number of Bids Disqualified : 71 39
Total Number of Bids Accepted : 1298 520
Total Number of Bids Allotted : 1243 502
Total Value of Bids Accepted : USD11,188,380.30 USD37,373,661.57
Amount Allotted : USD11,017,388.12 USD36,688,161.11
Highest Rate Received : 105.0000 102.0000
Lowest Bid Rate Received : 88,5000 88.5000
Lowest Bid Rate Allotted : 90,0000 90,0000
Weighted Average Rate : 93.0810
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 3,049,941.67 13,799,777.83
Machinery and Equipment 3,460,523.13 9,877,882.27
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,869,021.43 4,290,143.67
Services (Loans, Education, Dividends, Disinvestments, etc) 1,096,008.34 1,835,546.53
Retail and Distribution (Incl. Food, Beverages, etc) 985,439.47 3,309,357.86
Fuel, Electricity and Gas 87,142.85
Pharmaceuticals and Chemicals 356,694.20 2,181,884.67
Paper and Packaging 199,759.88 1,306,425.43
TOTAL 11,017,388.12 36,688,161.11
GRAND TOTAL AWARDED 47,705,549.23

RBZ Statement

Source – Pindula News

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