Zimbabwe Dollar Falls To $290 At RBZ Forex Auction
The Zimbabwe dollar has lost further ground against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency auction conducted on Tuesday, 24 May 2022.
This week, the foreign exchange weighted average rate fell to US$1: ZWL$290.8876 from US$1: ZWL$258.5404 announced by the central bank last week.
At this week’s forex auction a total of US$25.04 million was allotted. The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
1 044 bids were received on the Small to Medium enterprises forex auction, with 989 accepted and 55 disqualified. The total number of bids allotted was 484.
On the main forex auction, a total of 381 bids were received, 339 were accepted and 42 were disqualified. The total number of bids allotted was 206.
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The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
|Number of Bids Received :||
|Number of Bids Disqualified :||55||42|
|Total Number of Bids Accepted :||989||339|
|Total Number of Bids Allotted :||484||206|
|Total Value of Bids Accepted :||USD8,684,002.68||USD32,941,798.21|
|Amount Allotted :||USD4,423,085.55||USD20,624,665.87|
|Highest Rate Received||: 330.0000||330.5200|
|Lowest Bid Rate Allotted :||280.0000||280.0000|
|Weighted Average Rate :||290.8876|
|PURPOSE||AMOUNT ALLOTTED SME AUCTION||AMOUNT ALLOTTED MAIN AUCTION|
|Machinery and Equipment||1,686,880.11||5,004,038.83|
|Consumables (Incl. Spares, Tyres, Electricals, etc)||450,609.88||1,268,902.14|
|Services (Loans, Education, Dividends, Disinvestments, etc)||301,132.00||971,701.72|
|Retail and Distribution (Incl. Food, Beverages, etc)||338,643.96||1,255,573.02|
|Pharmaceuticals and Chemicals||221,947.22||770,726.31|
|Paper and Packaging||171,000.52||694,270.08|
|GRAND TOTAL AWARDED||25,047,751.42|