RBZ Foreign Currency Auction: Zimbabwe Dollar Continues To Shed Value Against USD
The Zimbabwe dollar has continued to lose value against the US dollar on the Reserve Bank of Zimbabwe (RBZ) forex auction.
On Tuesday, 26 April 2022, the weighted average fell to US$1: 159.3482 ZWL$ from US$1: ZWL$155.1419 which was reported by the RBZ on 20 April.
In total, US$30.4 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment, the same as last week.
920 bids were received on the Small to Medium enterprises forex auction, with 869 accepted and 51 disqualified. The total number of bids allotted was 869.
On the main forex auction, a total of 428 bids were received, 392 were accepted and 36 were disqualified. The total number of bids allotted was 392.
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The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
| FOREIGN EXCHANGE AUCTION RESULTS 26 APRIL 2022 | SMEFX85/2022 | MAIN FX91/2022 |
| Number of Bids Received : | 920 | 428 |
| Number of Bids Disqualified : | 51 | 36 |
| Total Number of Bids Accepted : | 869 | 392 |
| Total Number of Bids Allotted : | 869 | 392 |
| Total Value of Bids Accepted : | USD4,522,761.60 | USD25,936,487.43 |
| Amount Allotted : | USD4,522,761.60 | USD25,936,487.43 |
| Highest Rate Received : | 180.0000 | 180.00000 |
| Lowest Bid Rate Allotted : | 145.0000 | 148.0000 |
| Weighted Average Rate : | 159.3482 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 1,219,251.74 | 12,957,459.57 |
| Machinery and Equipment | 1,527,835.83 | 5,419,206.84 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 534,565.97 | 1,867,234.18 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 478,934.09 | 1,322,872.33 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 416,713.86 | 2,151,740.28 |
| Electricity | 9,847.44 | 100,000.00 |
| Pharmaceuticals and Chemicals | 193,164.92 | 1,262,149.08 |
| Paper and Packaging | 142,447.75 | 855,825.15 |
| TOTAL | 4,522,761.60 | 25,936,487.43 |
| GRAND TOTAL AWARDED | 30,459,249.03 |
