The Zimbabwe dollar continued on a downward trajectory after losing further ground against the US dollar at the The Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 26 October 2021.
Last week the weighted average was US$1: ZWL$93.0810 and fell to US$1: ZWL$97.1361 this week.
This week, US$9 million was allocated to the Small to Medium Enterprises forex auction while US$31.7 million was allocated to the main forex auction.
In total, US$40.7 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is down from the US$47.7 million allotted last week.
1336 bids were received on the Small to Medium enterprises forex auction, with 1282 accepted and 54 disqualified. The total number of bids allotted was 881.
On the main forex auction, a total of 598 bids were received, 568 were accepted while 30 were disqualified. The total number of bids allotted was 402.
The Reserve Bank of Zimbabwe (RBZ) said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.