RBZ Foreign Currency Auction 10 May 2022: Zimbabwe Dollar Continues To Fall

The foreign exchange weighted average rate has fallen to US$1: ZWL$173.2685 from US$1: ZWL$165.9942 which was reported by the Reserve Bank of Zimbabwe (RBZ) on 3 May.

At this week’s forex auction conducted on 10 May, a total of US$26.8 millionwas allotted. The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

918 bids were received on the Small to Medium enterprises forex auction, with 873 accepted and 45 disqualified. The total number of bids allotted was 845.

On the main forex auction, a total of 434 bids were received, 356 were accepted and 78 were disqualified. The total number of bids allotted was 356.

The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.

Some bids were also allotted on a pro-rata basis.

SMEFX87/2022 MAIN FX93/2022
Number of Bids Received : 918 434
Number of Bids Disqualified : 45 78
Total Number of Bids Accepted : 873 356
Total Number of Bids Allotted : 845 356
Total Value of Bids Accepted : USD4,132,275.84 USD23,020,941.86
Amount Allotted : USD3,823,470.35 USD23,020,941.86
Highest Rate Received : 240.0000 205.5000
Lowest Bid Rate Allotted : 165.0000 166.0000
Weighted Average Rate : 173.2685
PURPOSE AMOUNT ALLOTTED MAIN AUCTION AMOUNT ALLOTTED SME AUCTION
Raw Materials 10,669,395.02 943,388.28
Machinery and Equipment 6,438,722.90 1,339,884.35
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,664,849.84 484,561.52
Services (Loans, Education, Dividends, Disinvestments, etc) 1,516,399.85 405,151.21
Retail and Distribution (Incl. Food, Beverages, etc) 1,537,387.23 331,397.71
Electricity 33,517.00 2,500.00
Pharmaceuticals and Chemicals 663,221.81 206,892.74
Paper and Packaging 497,448.21 109,694.54
TOTAL 23,020,941.86 3,823,470.35
GRAND TOTAL AWARDED 26,844,412.21

Post published in: Business

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