RBZ Governor Mangudya Updates The Nation On Foreign Exchange Auction Allotments

The Governor of the Reserve Bank of Zimbabwe (RBZ), John Panonetsa Mangudya, has released an update on foreign exchange auction allotments for May 2022 and foreign exchange payments for the period January to May 2022. In a statement seen by Pindula News, Mangudya said a total of US$3.2 billion has been allotted since the commencement of the Foreign Exchange Auction System on 23 June 2020. Reads the statement:

FOREIGN EXCHANGE AUCTION ALLOTMENTS FOR MAY 2022 AND FOREIGN EXCHANGE PAYMENTS FOR THE PERIOD JANUARY TO MAY 2022

In line with the Bank’s commitment to regularly keep the public informed of developments in the foreign exchange market, the Bank hereby publishes the following:

1. A list of the 682 beneficiaries of US$94 485 929 allotted under the Main Foreign Exchange Auction during the month of May 2022;

2. A list of the 1 897 beneficiaries of US$18 491 536 allotted under the SMEs Foreign Exchange Auction during the month of May 2022; and

3. A schedule showing the total foreign exchange payments for the period 1 January 2022 to 30 May 2022, by source, amounting to US$3 081 872 193 broken down as follows: –

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(i) foreign currency accounts (US$2 371 958 953),

(ii) Foreign Exchange Auction Allotments (US$641 104 461); and

(iii) the interbank market (US$68 808 779).

The bulk of the auction allotments during the month of May 2022 (72%) was for payment for raw materials (US$51 760 820) and machinery and equipment (US$28 908 022), with the remaining 28% of the total allotments going towards payment for consumables (US$8 735 915), services (US$7 869 358), retail and distribution (US$7 544 394), pharmaceuticals and chemicals (US$4 555 774), packaging (US$3 501 917) and fuel, electricity and gas (US$101 265), as shown in the tables below.

Total cumulative foreign exchange auction allotments since inception of the Foreign Exchange Auction System stand at US$3 237 485 274.

John P Mangudya

Governor

17 June 2022