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Zim dollar drops at the resumption of RBZ’s Foreign Currency Auction

Zim dollar drops at the resumption of RBZ’s Foreign Currency Auction. The Zimbabwe dollar has slipped against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 18 January 2021, to mark the resumption of the auction.

This week the weighted average was US$1: ZWL$112.8228 down from 14 December 2021’s rate that stood at US$1: ZWL$108.6660.

In total, US$30 866 275. 90 was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is down from the US$41.77 million allotted in December.

633 bids were received on the Small to Medium enterprises forex auction, with 492 accepted and 141 disqualified. The total number of bids allotted was 492.

On the main forex auction, a total of 448 bids were received, 320 were accepted and 128 were disqualified. The total number of bids allotted was 320

Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.

Some bids were also allotted on a pro-rata basis.

                                                                                       SMEFX71/2022 MAIN FX77/2022
Number of Bids Received : 633 448
Number of Bids Disqualified : 141 128
Total Number of Bids Accepted : 492 320
Total Number of Bids Allotted : 492 320
Total Value of Bids Accepted : USD5,186,494.80 USD25,679,781.10
Amount Allotted : USD5,186,494.80 USD25,679,781.10
Highest Rate Received : 125.0000 126.0000
Lowest Bid Rate Received : 100.0000 104.0000
Lowest Bid Rate Allotted : 100.0000 104.0000
Weighted Average Rate : 112.8228
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 1,437,928.95 10,955,933.90
Machinery and Equipment 1,716,788.74 6,834,249.00
Consumables (Incl. Spares, Tyres, Electricals, etc) 567,367.56 2,018,909.75
Services (Loans, Education, Dividends, Disinvestments, etc) 832,305.41 2,046,438.06
Retail and Distribution (Incl. Food, Beverages, etc) 223,739.04 1,717,910.17
Electricity 50,251.21
Pharmaceuticals and Chemicals 224,790.62 1,601,054.05
Paper and Packaging 183,574.48 455,034.96
TOTAL 5,186,494.80 25,679,781.10
GRAND TOTAL 30 866 275.90

RBZ Statement

Source – Pindula News

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