Zimbabwe Dollar Official Rate Crosses $1 000 Mark
The Zimbabwe dollar has for the first time breached the 1 000 mark against US$1.00 on the Reserve Bank of Zimbabwe (RBZ) foreign currency auction.
This Wednesday, 19 April 2023, the weighted average moved to US$1: ZWL$1 000.0227, from US$1: ZWL$959.3111 which was set on 11 April 2023.
The RBZ said the highest rate received was 1 125.0000, while the lowest bid rate allotted was 978 000.
The central bank also said a total of US$18,905,097.94 was allotted today down from US$20,568,055.34, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
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The total amount allotted for the Small to Medium Enterprises Forex Auction was US$1,731,764.97 down from US$US$2,241,706.95.
The total amount allotted on the Main Forex Auction was US$17,173,332.97 down from US$18,326,348.39.
♦ Weighted Average Rate moved to 1 000.0227 from 959.3111.
How the money was allocated:
Raw Materials……………………………………(SME) US$616,821.49 (MA)US$9,101,791.90
Machinery and Equipment……………………..…(SME)US$537,029.59 … (MA)US$3,439,887.52
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$213,005.13 … (MA) US$1,077,195.49
Services (Loans, Education, Dividends, Disinvestments…) (SME) US$115,342.95 … (MA) US$1,033,601.13
Retail and Distribution (Incl. Food, Beverages, etc)…(SME) US$168,605.61 … (MA) US$1,183,168.54
Lubricants ………………………………………………. (SME) US$50,000.00
Pharmaceuticals and Chemicals …………….… (SME) US$54,055.63 … (MA) US$517,726.37
Paper and Packaging …………………………… (SME) US$26,904.57 …. (MA) US$769,962.02
TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,731,764.97
TOTAL Amount allotted for the MAIN FX130/2023 ………US$17,173,332.97
GRAND TOTAL AWARDED ………………………… US$18,905,097.94
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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