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RBZ Forex Auction: Value Of Zimbabwe Dollar Keeps Decreasing

10 months agoTue, 25 Apr 2023 15:04:13 GMT
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RBZ Forex Auction: Value Of Zimbabwe Dollar Keeps Decreasing

The value of the Zimbabwe dollar kept decreasing compared to the United States dollar on the foreign currency auction held by the Reserve Bank of Zimbabwe (RBZ).

On April 25, 2023, the weighted average was US$1: ZWL$1,021.2072 up from US$1: ZWL$1,000.0227, reported on April 19, 2023.

The central bank allotted a total of US$20,742,566.66 up from US$18,905,097.94, with the majority of the allotment going to raw materials, followed by machinery and equipment.

The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,707,854.70 down from US$1,731,764.97, while the Main Forex Auction was allotted US$19,034,711.96 up from US$17,173,332.97.

♦ Weighted Average Rate moved to 1,021.2072 Uup from 1 000.0227.

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How the money was allocated:

  • Raw Materials ………………………. (SME) US$552,438.20; (MAIN) US$9,575,766.95
  • Machinery and Equipment …………. (SME) US$581,017.60; (MAIN) US$2,739,872.27
  • Consumables (Incl. Spares, Tyres, Electricals, etc) – (SME) US$200,791.74; (MAIN) US$1,885,282.66
  • Services (Loans, Education, Dividends, Disinvestments, etc) – (SME) US$170,760.73; (MAIN) US$1,356,613.01
  • Retail and Distribution (Incl. Food, Beverages, etc) – (SME) US$132,432.47; (MAIN) US$ 2,172,326.50
  • Lubricants …………………………. (MAIN) US$31,874.40
  • Pharmaceuticals and Chemicals … (SME) US$32,943.09; (MAIN) US$617,512.47
  • Paper and Packaging ……………… (SME) US$37,470.87; (MAIN) US$655,463.70
  • TOTAL amount alloted to SMEFX134/2023  … US$1,707,854.70
  • TOTAL amount alloted to MAIN FX140/2023) … US$19,034,711.96
  • GRAND TOTAL AWARDED ……. US$20,742,566.66

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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