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RBZ Forex Auction: Zimbabwe Dollar Drops Against USD

2 years agoWed, 05 May 2021 05:23:26 GMT
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RBZ Forex Auction: Zimbabwe Dollar Drops Against USD

The Zimbabwe dollar has marginally lost ground against the US dollar according to results from the Reserve Bank of Zimbabwe (RBZ)’s foreign exchange auction.

Results from the Tuesday, 04 May 2021 RBZ forex auction show that the weighted average fell slightly from US$1: ZWL$84.5032 last week to US$1:ZWL$84.5282 this week.

This week US$4.5 million was allocated to the Small to Medium Enterprises forex auction while US$32.9 million was allocated to the main forex auction.

In total, US$37.4 million was allotted this week, with the bulk of the allotment (US$12.7 million) going to raw materials followed by machinery and equipment (US$7.8 million).

328 bids were received on the Small to Medium enterprises forex auction, with 298 accepted and 30 disqualified.

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On the main forex auction, a total of 328 bids were received, 281 were accepted while 47 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 1,061,417.15 11,097,737.19
Machinery and Equipment 1,165,482.55 6,798,893.55
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,015,479.29 3,049,059.44
Services (Loans, Education, Dividends, Disinvestments, etc) 312,326.14 3,609,117.67
Retail and Distribution (Incl. Food, Beverages, etc) 377,506.63 2,921,182.93
Fuel, Electricity and Gas 124,209.35 2,020,617.70
Pharmaceuticals and Chemicals 220,705.98 2,859,485.22
Paper and Packaging 236.276.96 498.128.32

 

Total                                                                                      4 513 404.05                                        32 854 222.02                                       
GRAND TOTAL AWARDED 37 367 626.07

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