The Zimbabwe dollar continued to shed value against the United States dollar as observed at today’s foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ).
The foreign exchange weighted average rate has fallen to US$1: ZWL$ 366.2687 352.0626 from US$1: ZWL$352.0626 announced by the RBZ last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 28 June 2022, a total of US$25.2 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
748 bids were received on the Small to Medium enterprises forex auction, with 696 accepted and 52 disqualified. The total number of bids allotted was 695.
On the Main Forex Auction, a total of 261 bids were received, 247 were accepted and 14 were disqualified. The total number of bids allotted was 245.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
SMEFX94/2022 MAIN FX100/2022
Number of Bids Received : 748 261
Number of Bids Disqualified : 52 14
Total Number of Bids Accepted : 696 247
Total Number of Bids Allotted : 695 245
Total Value of Bids Accepted : USD4,395,910.22 USD21,448,724.90
Amount Allotted : USD4,390,229.79 USD20,849,394.61
Highest Rate Received : 395.0000 395.0000
Lowest Bid Rate Allotted : 345.0000 345.0000
Weighted Average Rate :
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 1,422,968.58 10,310,884.58
Machinery and Equipment 1,482,605.26 4,942,519.66
Consumables (Incl. Spares, Tyres, Electricals, etc) 492,563.41 1,374,386.40
Services (Loans, Education, Dividends, Disinvestments, etc) 364,347.78 1,548,564.02
Retail and Distribution (Incl. Food, Beverages, etc) 308,158.82 1,146,502.41
Electricity – 29,657.74
Pharmaceuticals and Chemicals 131,488.80 1,044,449.46
Paper and Packaging 188,097.14 452,430.34
TOTAL 4,390,229.79 20,849,394.61
GRAND TOTAL AWARDED 25,239,624.40