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RBZ Foreign Auction Currency: Zimbabwe Dollar Continues To Lose Value

RBZ Foreign Auction Currency: Zimbabwe Dollar Continues To Lose Value

The Zimbabwe dollar continued to shed value against the United States dollar as observed at today’s foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ).

The foreign exchange weighted average rate has fallen to US$1: ZWL$325.3314 from US$1: ZWL$308.5201 announced by the Reserve Bank of Zimbabwe (RBZ) last week.

At this week’s RBZ foreign currency auction conducted on Tuesday, 07 June 2022, a total of US$25 millionwas allotted.

The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

855 bids were received on the Small to Medium enterprises forex auction, with 753 accepted and 102 disqualified. The total number of bids allotted was 753.

On the main forex auction, a total of 317 bids were received, 274 were accepted and 43 were disqualified. The total number of bids allotted was 274.

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.

SMEFX91/2022 MAIN FX97/2022
Number of Bids Received : 855 317
Number of Bids Disqualified : 102 43
Total Number of Bids Accepted : 753 274
Total Number of Bids Allotted : 753 274
Total Value of Bids Accepted : USD4,269,142.30 USD20,665,498.04
Amount Allotted : USD4,269,142.30 USD20,665,498.04
Highest Rate Received : 350.0000 350.0000
Lowest Bid Rate Allotted : 295.0000 295.0000
Weighted Average Rate : 325.3314
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 1,279,708.33 11,493,062.61
Machinery and Equipment 1,597,956.90 3,665,882.99
Consumables (Incl. Spares, Tyres, Electricals, etc) 424,281.67 1,510,009.41
Services (Loans, Education, Dividends, Disinvestments, etc) 325,110.73 1,236,837.05
Retail and Distribution (Incl. Food, Beverages, etc) 312,977.80 947,019.68
Electricity 9,767.03 109,266.09
Pharmaceuticals and Chemicals 166,387.47 783,510.85
Paper and Packaging 152,952.37 919,909.36
TOTAL 4,269,142.30 20,665,498.04
GRAND TOTAL AWARDED 24,934,640.34

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11 Comments

kkk 3 weeks ago

harisati ratanga very soon vanhu vacharamba zvachose bond ichocho


Observer 3 weeks ago

$Zim 325 auction rate.
Bread 🍞 $Zim 636.+


Jah🇿🇼Tsvarie-07 3 weeks ago

Transparency will start when RBZ give the Nation a list of companies that are allocated foreign currency at their auction floor.

Companies tell employees they cant purchase raw material because they are failing to get forex from the RBZ auction floor, RBZ should prove to the Nation by giving the list period...


Duduzani 3 weeks ago

Meanwhile South Africa has introduced R500 as their highest denomination note. Giants are fighting (Russia vs Ukraine) now South Korea backed by USA are warming up against North Korea.


Machiavelli 3 weeks ago

@Duduzani that is not correct. The R500 note and R10 coin were considered but rejected

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Mwakusha 3 weeks ago

BAD MONEY DRIVES OUT GOOD MONEY


Tari 3 weeks ago

vakuru vachisevenzesa US$ isu tisu tonzi torai mapepa ,zvinodhakwa tinofungawo

Blue 💙 3 weeks ago

Right now, a dollar is being changed for the Zim dollar at multiple rates. Some say 360, others s340 and some 390. Clear indication that we are killing our own currency. The RBZ loosened it's geip on the exchange rate, now everyone in the Black market is confused. Selfishness is killing This country


Tozivepiko 3 weeks ago

Pa black market One US dollar is going for 430 rtgs and it is going down just like the toilet tissue it resembles.

sekuru waBona 3 weeks ago

the rot starts at the top

baba kana vari mbavha vana voitei


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