Forex Auction Results: Rate Remains Fixed At Just Under ZWL$85

There was little movement in the exchange rate according to results from the Reserve Bank of Zimbabwe (RBZ)’s foreign exchange auction.

Results from the RBZ forex auction held today, 1 June 2021 show that the weighted average fell slightly from US$1: ZWL$84.7259 last week to US$1:ZWL$84.7653 this week.

This week US$5.93 million was allocated to the Small to Medium Enterprises forex auction while US$32.59 million was allocated to the main forex auction.

In total, US$38.53 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

411 bids were received on the Small to Medium enterprises forex auction, with 380 accepted and 41 disqualified.

On the main forex auction, a total of 328 bids were received, 290 were accepted while 38 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.