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*RBZ Forex Auction: The Zimbabwe Dollar Continues On A Downward Trend*

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The Zimbabwe dollar has lost further ground against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction.

Data released by the central bank following the forex auction conducted on Tuesday, 1 March 2022 shows that the value of the local currency fell by $3.4675 against the US dollar.

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This week the weighted average was US$1: ZWL$127.4864 down from the 22 February 2022 rate that stood at US$1: ZWL$124.0189.

In total, US$37.2 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.

970 bids were received on the Small to Medium enterprises forex auction, with 899 accepted and 71 disqualified. The total number of bids allotted was 899.

On the main forex auction, a total of 521 bids were received, 471 were accepted and 50 were disqualified. The total number of bids allotted was 471.

In a statement seen by Pindula News, 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.

SMEFX76/2022
MAIN FX82/2022

Number of Bids Received :
970
521

Number of Bids Disqualified :
71
50

Total Number of Bids Accepted :
899
471

Total Number of Bids Allotted :
899
471

Total Value of Bids Accepted :
USD6,097,585.39
USD31, 158,622.32

Amount Allotted :
USD6,097,585.39
USD31, ,158,622.32

Highest Rate Received :
137
140

Lowest Bid Rate Allotted :
120
121

Weighted Average Rate :
127.4864

PURPOSE
AMOUNT ALLOTTED SME AUCTION
AMOUNT ALLOTTED MAIN AUCTION

Raw Materials
1,578,543.58
11,947,345.97

Machinery and Equipment
1,929,616.29
7,879,063.04

Consumables (Incl. Spares, Tyres, Electricals, etc)
1,033,569.71
2,420,070.99

Services (Loans, Education, Dividends, Disinvestments, etc)
521,512.26
2,943,223.88

Retail and Distribution (Incl. Food, Beverages, etc)
616,198.12
3,793,314.52

Electricity
27,999.04
–

Pharmaceuticals and Chemicals
240,630.98
1,363,318.15

Paper and Packaging
149,515.41
812,285.77

TOTAL
6,097,585.39
31,158,622.32

GRAND TOTAL
37, 256, 207.71

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