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Zimbabwe Dollar Further Drops Against US Dollar On RBZ Auction

9 months agoTue, 16 May 2023 18:22:41 GMT
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Zimbabwe Dollar Further Drops Against US Dollar On RBZ Auction

The Zimbabwe dollar has lost significant value against the United States dollar on the foreign currency auction held by the Reserve Bank of Zimbabwe (RBZ).

On 16 May 2023, the weighted average was US$1: ZWL$1,404.8039 up from US$1: ZWL$1,212.5.8 reported on 09 May 2023.

The central bank allotted a total of US$14,444,323.31 down from US$16,349 930.31, 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$1,576,700.13 down from US$2,280,785.72, while the Main Forex Auction was allotteUS$13,171,159.91 down from US$16,772,580.66.

♦ Weighted Average Rate moved to 1,404.8039 up from 1,212.5.8.

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How the money was allocated:

Raw Materials …………………………………………. (SME) US$350,687.48 … (MAIN) US$7,007,641.38

Machinery and Equipment …………………………. (SME) US$415,614.30 … (MAIN) US$1,926,117.50

Consumables (Incl. Spares, Tyres, Electricals, etc) … (SME) US$202,560.71 … (MAIN) US$1,001,696.74

Services (Loans, Education, Dividends, Disinvestments, etc) … (SME) US$100,494.32 …. (MAIN) US$983,240.01

Retail and Distribution (Incl. Food, Beverages, etc) … (SME) US$125,715.23 … (MAIN) US$1,514,194.61

lubricants Pharmaceuticals and Chemicals …. (SME) US$62,647.17 … (MAIN) US$341,262.52

Paper and Packaging …………………………….. (SME) US$15,444.19 … (MAIN) US$397,007.15

TOTAL ………………………………………………. (SME) US$1,273,163.40 … (MAIN) US$13,171,159.91

GRAND TOTAL AWARDED ……………….. US$14,444,323.31

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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