The local currency has further depreciated against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 8 March 2022.
This week the weighted average was US$1: ZWL$130.1567 down from the 1 March 2022 rate that stood at US$1: ZWL$127.4864.
In total, US$35.8 millionwas allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment, the same as last week.
936 bids were received on the Small to Medium enterprises forex auction, with 865 accepted and 71 disqualified. The total number of bids allotted was 778.
On the main forex auction, a total of 410 bids were received, 377 were accepted and 33 were disqualified. The total number of bids allotted was 355.
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.