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