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RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 04 October 2022

1 year agoTue, 04 Oct 2022 15:52:32 GMT
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RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 04 October 2022

The Zimbabwe dollar has continued its downward spiral against the US dollar. According to the results of the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 04 October 2022, the weighted average rate has fallen to US$1: ZWL$626.1893 621.5321 

Last week, the foreign exchange weighted average rate was US$1: ZWL$621.5321.

In an update seen by Pindula News, the central bank reported that a total of US$10,496,520.56 down from US$11,011,895.49was allotted to various sectors at this week’s RBZ foreign currency auction.

The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

128 bids were received on the Small to Medium Enterprises Forex Auction, with 125 accepted and 3 disqualified. The total amount allotted was USD1,158,110.96 down from USD1,468,089.44 allotted last week.

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On the Main Forex Auction, a total of 66 bids were received, 64 were accepted and 2 were disqualified. The total amount allotted was USD9,338,409.60 down from USD9,338,409.60 allotted last week.

SMEFX108/2022 AUCTION MAIN FX114/2022
Number of Bids Received : 128 66
Number of Bids Disqualified : 3 2
Total Number of Bids Accepted : 125 64
Total Number of Bids Allotted : 124 64
Total Value of Bids Accepted : USD1,164,576.17 USD9,338,409.60
Amount Allotted : USD1,158,110.96 USD9,338,409.60
Highest Rate Received : 660.0000 655.0000
Lowest Bid Rate Allotted : 590.0000 590.0000
Weighted Average Rate : 626.1893
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 296,675.07 3,699,238.58
Machinery and Equipment 314,560.75 2,344,897.24
Consumables (Incl. Spares, Tyres, Electricals, etc) 159,732.70 360,939.60
Services (Loans, Education Dividends, Disinvestments, etc) 166,311.58 2,403,437.57
Retail and Distribution (Incl Food Beverages etc) 114,086.32 300,079.77
Electricity
Pharmaceuticals and Chemicals 47,371.06 229,816.84
Paper and Packaging 59,373.48
TOTAL 1,158,110.96 9,338,409.60
GRAND TOTAL AWARDED 10,496,520.56

Notes

1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.

2. Some Bids were allotted on a pro-rata basis.

3. Willing buyer Willing seller Bid Rate as of 30 September 2022 was ZW$596.2479

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