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Forex Auction: Zimbabwe Dollar Sheds Value Against USD

2 years agoThu, 10 Jun 2021 11:54:02 GMT
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Forex Auction: Zimbabwe Dollar Sheds Value Against USD

The Zimbabwe dollar shed value against the United States Dollar (USD) when the Reserve Bank of Zimbabwe (RBZ) conducted a foreign currency (forex) auction on Tuesday 8 June 2021.

Results from the RBZ forex auction show that the weighted average fell slightly fromUS$1:ZWL$84.7653 last week to US$1: ZWL$85.0724 this week.

  1. Forex Auction Results: Rate Remains Fixed At Just Under ZWL$85 – 1 June
  2. DRC Ambassador Listed As Top Beneficiary Of RBZ Foreign Currency Auction
  3. RBZ Forex Auction: Zimbabwe Dollar Weaken Further Against USD – 18 May
  4. PDF: RBZ List Of Forex Auction System Beneficiaries
  5. RBZ Forex Auction: Zimbabwe Dollar Drops Against USD – 5 May

This week US$5.3 million was allocated to the Small to Medium Enterprises forex auction while US$29.5 million was allocated to the main forex auction.

In total, US$34.8 million was allotted this week, down from US$38 million allotted last week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

461 bids were received on the Small to Medium enterprises forex auction, with 332 accepted and 29 disqualified.

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On the main forex auction, a total of 383 bids were received, 345 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. Pindula News present below the table summarising what transpired on Tuesday.

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 1,440,671.24 12,477,275.80
Machinery and Equipment 1,263,600.99 5,397,735.31
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,249,897.05 2,809,858.37
Services (Loans, Education, Dividends, Disinvestments, etc) 334,590.26 1,643,774.83
Retail and Distribution (Incl. Food, Beverages, etc) 379,823.92 2,395,425.74
Fuel, Electricity and Gas 151,893.86 1,445,678.49
Pharmaceuticals and Chemicals 315,431.81 2,640,395.96
Paper and Packaging 176,545.92 695,780.67
TOTAL 5,312,455.05 29,505,925.17
GRAND TOTAL AWARDED 34,818,380.22

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