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RBZ Forex Auction 07/02/2023: Zimbabwe Dollar Sheds More Value Against USD

1 year agoTue, 07 Feb 2023 15:53:34 GMT
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RBZ Forex Auction 07/02/2023: Zimbabwe Dollar Sheds More Value Against USD

The Zimbabwe dollar lost further ground against the US dollar at the foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) on 07 February 2023.

The RBZ forex auction weighted average rate moved to US$1: ZWL$831.8147 on 07 February 2023, from the US$1: ZWL$801.6023 that was set on 31 January 2023.

The central bank said a total of US$19,167,134.43 was allotted today up from US18,295,674.52, which was allotted last week.

The bulk of the allotment went to raw materials followed by machinery and equipment.

The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX123/2023) was  US$2,269,815.79 up from US$1,837,006.31.

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The total amount allotted on the Main Forex Auction (MAIN FX129/2023) was US$16,897,319.04 up from US$16,458,668.21.

♦ Weighted Average Rate 831.8147 from 801.6023

How the money was allocated:

Raw Materials……………………………………(SME) US$706,607.35 … (MA) US$9,293,740.16

Machinery and Equipment……………………..…(SME) US$698,196.71 … (MA)US$1,910,567.54

Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$293,632.88 … (MA)US$967,339.85

Services (Loans, Education, Dividends, Disinvestments…) (SME)US$196,237.43 … (MA) US$1,316,528.01

Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$227,561.66 … (MA)US$2,336,520.86

Pharmaceuticals and Chemicals …………….… (SME)US$82,140.37 … (MA)US$457,478.57

Paper and Packaging …………………………… (SME)US$65,439.39 ….(MA)US$615,144.05

TOTAL Amount allotted for the SMEFX122/2023 …(SME)US$1,837,006.31

TOTAL Amount allotted for the MAIN FX128/2023 …(MA)US$16,458,668.21

GRAND TOTAL AWARDED ………………………… US$19,167,134.43

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.

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