RBZ Foreign Exchange Auction: Zimbabwe Dollar Slightly Recovers Against USD
The Zimbabwe Dollar slightly recovered against the United States Dollar (USD), increasing from 6,926.5764 on June 20, 2023, to 6,326.5877 on 27 June 2023.
According to the results of the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction seen by Pindula News, the Reserve Bank of Zimbabwe awarded a total of USD797,323.53 out of the combined USD10,904,323.53 allotted at both the premium Foreign Exchange (FX149/2023) and Wholesale foreign exchange (FX 05).
No bids were disqualified, and the total number of accepted bids for FX149/2023 was 23, while Wholesale FX 05 accepted 12 bids.
The highest rate received for FX149/2023 was ZWL$7,261.5800 for US$1, and the highest rate received for Wholesale FX 05 was ZWL$7,155.0000 for US$1.
The lowest bid rate allotted for FX149/2023 was ZWL$6,620.00, and the lowest bid rate allotted for Wholesale FX 05 was ZWL$5,500.00.1).
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A total of US$797,323.53 was awarded at the auction out of the combined US$10,904,323.53 allotted at both the premium Foreign Exchange (FX149/2023) and Wholesale foreign exchange (FX 05).
The weighted average rate was 6,326.5877.
Allocations:
The Reserve Bank of Zimbabwe allocated different amounts to various sectors of the economy as follows:
a). Raw Materials received US$263,556.10,
b). Machinery and Equipment received US$126,774.66,
c). Consumables (including spares, tyres, electricals, etc) received US$5,000.00,
d). Services (loans, education, dividends, disinvestments, etc) received US$205,064.31,
e). Retail and Distribution (including food, beverages, etc) received US$177,411.76,
f). Paper and Packaging received US$19,516.70.
g). Lubricants and Pharmaceuticals and Chemicals did not receive any money.
The grand total awarded was US$797,323.53. The RBZ also said:
1. All bids within the pre-announced amount were allotted in full.
2. Bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
