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RBZ Forex Auction: Zimbabwe Dollar Weaken Further Against USD

2 years agoTue, 18 May 2021 17:20:50 GMT
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RBZ Forex Auction: Zimbabwe Dollar Weaken Further Against USD

Results from the Reserve Bank of Zimbabwe (RBZ)’s Tuesday foreign exchange auction show that the Zimbabwe dollar continues to weaken against the United States Dollar (USD).

The Zimbabwe dollar continues to weaken against the USD amid increased demand for the greenback following the reopening of the economy after putting it under a COVID-19-induced lockdown.

Results from the Tuesday, 18 May 2021 RBZ forex auction show that the weighted average fell slightly from US$1:ZWL$84.6140 last week to US$1: 6494 this week.

This week US$6.2 million was allocated to the Small to Medium Enterprises forex auction while US$36.4 million was allocated to the main forex auction.

In total, US$43 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

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445 bids were received on the Small to Medium enterprises forex auction, with 401 accepted and 44 disqualified.

On the main forex auction, a total of 370 bids were received, 330 were accepted while 40 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 1,435,735.01 14,096,917.34
Machinery and Equipment 1,374,209.84 6,645,605.09
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,292,674.62 3,275,512.08
Services (Loans, Education, Dividends, Disinvestments, etc) 499,484.30 3,813,997.19
Retail and Distribution (Incl. Food, Beverages, etc) 571,009.09 3,418,523.43
Fuel, Electricity and Gas 237,187.42 1,297,258.26
Pharmaceuticals and Chemicals 432,355.91 2,798,134.81
Paper and Packaging 324,877.00 1,015,016.73
TOTAL 6,167,533.19 36,360,964.93
GRAND TOTAL AWARDED   42,528,498.12

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