The Zimbabwe dollar has lost further ground against the US dollar at the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 06 September 2022.
The foreign exchange weighted average rate is now US$1: ZWL$580.1865 from US$1: ZWL$546.8254announced by the RBZ last week.
In an update seen by Pindula News, the central bank reported that a total of US$14.14 millionwas allotted to various sectors at this week’s RBZ foreign currency auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
345 bids were received on the Small to Medium Enterprises Forex Auction, with 341 accepted and 4 disqualified. The total amount allotted was USD2,659,595.81 down from 2 643 432.75 allotted last week.
On the Main Forex Auction, a total of 119 bids were received, 111 were accepted and 8 were disqualified. The total amount allotted was USD11,489,204.90 down from USD12 681 789.09 allotted last week.
SME FX104/2022 MAIN FX110/2022
Number of Bids Received : 345 119 Number of Bids Disqualified : 4 8 Total Number of Bids Accepted : 341 111 Total Number of Bids Allotted : 288 99 Total Value of Bids Accepted : USD3,128,774.69 USD12,978,108.19 Amount Allotted : USD2,659,595.81 USD11,489,204.90 Highest Rate Received : 615,0000 630.0000 Lowest Bid Rate Allotted : 545.0000 545.0000 Weighted Average Rate : 580.1865
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION Raw Materials 881,516.22 5,760,488.91 Machinery and Equipment 766,359.84 2,496,132.50 Consumables (Incl. Spares, Tyres, Electricals. etc) 294,407.16 875,799.93 Services (Loans, Education, Dividends, Disinvestments, etc) 393,672.24 1,368,718.37 Retail and Distribution (Incl. Food, Beverages, etc) 144,137.69 740,139.81 Electricity 10,000.00 Pharmaceuticals and Chemicals 130,203.79 200,092.27 Paper and Packaging 39,298.87 47,833.11 TOTAL 2,659,595.81 11,489,204.90 GRAND TOTAL AWARDED 14,148,800.71
1. Bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZW$ and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing Seller Bid Rate as of 2 September 2022 was ZW$545.2911