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Zim Dollar Breaches $300 Mark At RBZ Forex Auction

1 year agoTue, 31 May 2022 14:32:24 GMT
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Zim Dollar Breaches $300 Mark At RBZ Forex Auction

The foreign exchange weighted average rate has fallen to US$1: ZWL$308.5201 from US$1: ZWL$290.8876 announced by the Reserve Bank of Zimbabwe (RBZ) last week.

At this week’s RBZ foreign currency auction conducted on Tuesday, 31 May 2022, a total of US$25.59 million was allotted.

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

782 bids were received on the Small to Medium enterprises forex auction, with 723 accepted and 59 disqualified. The total number of bids allotted was 613.

On the main forex auction, a total of 285 bids were received, 263 were accepted and 22 were disqualified. The total number of bids allotted was 235.

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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

SMEFX89/2022

782

MAIN FX95/2022

285

Number of Bids Disqualified : 59 22
Total Number of Bids Accepted : 723 263
Total Number of Bids Allotted : 613 235
Total Value of Bids Accepted : USD5,135,841.87 USD23,947,063.37
Amount Allotted : USD4,425,590.12 USD21,165,154.67
Highest Rate Received : 340.0000 340.0000
Lowest Bid Rate Allotted : 290.0000 290.0000
Weighted Average Rate : 308.5201

 

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 1,074,866.64 11,077,620.25
Machinery and Equipment 1,678,233.12 3,597,642.53
Consumables (Incl. Spares, Tyres, Electricals, etc) 583,152.38 1,817,428.66
Services (Loans, Education, Dividends, Disinvestments, etc) 376,205.05 1,647,857.01
Retail and Distribution (Incl. Food, Beverages, etc) 388,571.00 1,439,602.03
Electricity 16,187.13 0
Pharmaceuticals and Chemicals 193,117.15 954,924.90
Paper and Packaging 115,257.65 630,079.29
TOTAL 4,425,590.12 21,165,154.67
GRAND TOTAL AWARDED   25,590,744.79

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