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*Zim Dollar Breaches $300 Mark At RBZ Forex Auction*

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The foreign exchange weighted average rate has fallen to US$1: ZWL$308.5201 from US$1: ZWL$290.8876 announced by the Reserve Bank of Zimbabwe (RBZ) last week.

At this week’s RBZ foreign currency auction conducted on Tuesday, 31 May 2022, a total of US$25.59 million was allotted.

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The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

782 bids were received on the Small to Medium enterprises forex auction, with 723 accepted and 59 disqualified. The total number of bids allotted was 613.

On the main forex auction, a total of 285 bids were received, 263 were accepted and 22 were disqualified. The total number of bids allotted was 235.

The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.

Some bids were also allotted on a pro-rata basis.

Number of Bids Received

SMEFX89/2022

782

MAIN FX95/2022

285

Number of Bids Disqualified :
59
22

Total Number of Bids Accepted :
723
263

Total Number of Bids Allotted :
613
235

Total Value of Bids Accepted :
USD5,135,841.87
USD23,947,063.37

Amount Allotted :
USD4,425,590.12
USD21,165,154.67

Highest Rate Received
: 340.0000
340.0000

Lowest Bid Rate Allotted :
290.0000
290.0000

Weighted Average Rate :
308.5201

PURPOSE
AMOUNT ALLOTTED SME AUCTION
AMOUNT ALLOTTED MAIN AUCTION

Raw Materials
1,074,866.64
11,077,620.25

Machinery and Equipment
1,678,233.12
3,597,642.53

Consumables (Incl. Spares, Tyres, Electricals, etc)
583,152.38
1,817,428.66

Services (Loans, Education, Dividends, Disinvestments, etc)
376,205.05
1,647,857.01

Retail and Distribution (Incl. Food, Beverages, etc)
388,571.00
1,439,602.03

Electricity
16,187.13
0

Pharmaceuticals and Chemicals
193,117.15
954,924.90

Paper and Packaging
115,257.65
630,079.29

TOTAL
4,425,590.12
21,165,154.67

GRAND TOTAL AWARDED
 
25,590,744.79

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