RBZ Forex Auction 02/11/2021: Zimbabwe Dollar Continues To Fall Against USD
The Zimbabwe dollar continued on a downward trajectory after losing further ground against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 02 November 2021.
Last week the weighted average was US$1: ZWL$97.1361 and fell to US$1: ZWL$98.9821 this week.
This week, US$10 million was allocated to the Small to Medium Enterprises forex auction while US$36.2 million was allocated to the main forex auction.
In total, US$46.2 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is up from the US$40.7 million allotted last week.
1334 bids were received on the Small to Medium enterprises forex auction, with 1267 accepted and 67 disqualified. The total number of bids allotted was 1253.
On the main forex auction, a total of 659 bids were received, 608 were accepted while 51 were disqualified. The total number of bids allotted was 605.
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.
| Number of Bids Received : |
SMEFX64/2021 1334 |
MAIN FX70/2021 659 |
| Number of Bids Disqualified : | 67 | 51 |
| Total Number of Bids Accepted : | 1267 | 608 |
| Total Number of Bids Allotted : | 1253 | 605 |
| Total Value of Bids Accepted : | USD10,192,606.45 | USD36,223,877.51 |
| Amount Allotted : | USD 10,182,138.13 | USD36,205,839.71 |
| Highest Rate Received : | 120.000 | 120.0000 |
| Lowest Bid Rate Received : | 95.0000 | 95,0000 |
| Lowest Bid Rate Allotted : | 96,0000 | 96,0000 |
| Weighted Average Rate : | 98.9821 |
| PURPOSE | AMOUNT ALLOTTED SME AUCTION | AMOUNT ALLOTTED MAIN AUCTION |
| Raw Materials | 2,394,317.68 | 12,901,079.32 |
| Machinery and Equipment | 3,758,991.50 | 10,654,060.05 |
| Consumables (Incl. Spares, Tyres, Electricals, etc) | 1,434,640.59 | 3,359,302.18 |
| Services (Loans, Education, Dividends, Disinvestments, etc) | 1,173,402.01 | 2,201,160.30 |
| Retail and Distribution (Incl. Food, Beverages, etc) | 847,494.68 | 4,207,524.96 |
| Fuel, Electricity and Gas | 8,890.05 | 0 |
| Pharmaceuticals and Chemicals | 412,520.43 | 1,847,415.04 |
| Paper and Packaging | 151,881.19 | 1,035,297.86 |
| TOTAL | 10,182,138.13 | 36,205,839.71 |
| GRAND TOTAL AWARDED | 46,387,977.84 |
