Zimbabwe Dollar Further Weakens Against US dollar On RBZ Foreign Currency Auction
The Zimbabwe dollar has further weakened against the United States (US) dollar on the foreign currency auction held by the Reserve Bank of Zimbabwe (RBZ).
On 23 May 2023, the weighted average was US$1: ZWL$1,888.0119 up from US$1: ZWL$1,404.8039 reported on 16 May 2023.
The central bank allotted a total of US$14,166,812.38 down from US$14,444,323.31, 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$957,712.91 down from US$1,576,700.13, while the Main Forex Auction was allotted US$13,209,099.47 up from US$13,171,159.91.
♦ Weighted Average Rate moved to 1,888.0119 up from 1,404.8039.
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How the money was allocated:
Raw Materials ………………………………………………Small US$288,375.10; Main US$6,799,034.39
Machinery and Equipment Small …………………… US$318,256.50; Main US$2,184,686.84
Consumables (Incl. Spares, Tyres, Electricals, etc) ….Small US$109,719.60; Main US$778,350.98
Services (Loans, Education, Dividends, Disinvestments, etc) … Small US$98,780.03; Main US$552,310.76
Retail and Distribution (Incl. Food, Beverages, etc) …. Small US$95,177.70; Main US$1,704,604.16
Pharmaceuticals and Chemicals Small ……………….. US$19,949.30; Main US$401,843.00
Paper and Packaging Small ……………………………….. US$27,454.68; Main US$788,269.34
TOTAL SMEFK138/2023: …………………………… US$957,712.91; MAIN FX144/202313,209,099.47
GRAND TOTAL AWARDED …………….. US$14,166,812.38
Notes
1. All bids within the pre-announced amount were allotted in full.
2. Bids were allotted on a pure Dutch Auction basis, in line with the refinement of the foreign exchange auction system.
3. Bids with overdue CD1s, outstanding Bills of Entry (BOEs)and insufficient ZW$ were disqualified.
