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The Reserve Bank of Zimbabwe (RBZ) has said the increase in demand for US dollars is rising ahead of the farming season, coinciding with a slowdown in forex inflows due to the end of the tobacco selling season.
Below is a statement issued on October 25 by RBZ Governor John Mushayavanhu:
<blockquote>
During the past three weeks of October 2024, the Reserve Bank has injected about US$32 million into the interbank foreign exchange market to smoothen the mismatches between supply and demand.
Traditionally, the last quarter of the year witnesses increased demand for foreign exchange to meet critical requirements for the summer agricultural season and for preparations for the start of the festive period.
In line with the recent monetary policy measures issued by the Monetary Policy Committee (MPC) on 27 September 2024, we have witnessed a satisfactory increase in the willing-buyer-willing-seller (WBWS) foreign exchange trading activities.
Holders of foreign exchange, including exporters, have been selling their foreign currency in exchange for ZiG to fund their tax obligations and other payments denominated in local currency.
However, with the end of the tobacco selling season, we have noticed a slowdown in the supply of foreign exchange to the WBWS interbank market and an increase in pipeline demand.
Over the past three weeks, foreign currency pipeline demand has averaged US$15 million, and the Reserve Bank has been intervening in a timely manner to address the supply/demand mismatches.
The pipeline demand for this week has risen to US$25 million due to increased pressures to fund the 2024/2025 agricultural season requirements.
Consequently, on 24 October 2024, the Reserve Bank offered a market-clearing foreign currency sale of $25 million, and the market could only take up about US$19 million because prospective buyers of foreign currency did not have enough ZiG liquidity to purchase available foreign currency.
The recent market intervention has brought the cumulative participation of the Reserve Bank in the WBWS market to US$50 million in October 2024 alone.
The Reserve Bank will continue with its tight monetary policy stance and ensure that reserve money is fully backed at all times.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The Reserve Bank of Zimbabwe is putting $50 million into the foreign exchange market to meet the rising demand for US dollars before the farming season. This is because there is less money coming in after the tobacco season ended. The bank is trying to balance the amount of dollars available for people who need them. They want to make sure there is enough money for farmers and others who have important expenses. The bank is also making sure they have enough money to cover all their promises. So far, they have given $50 million in October to help with this.

RBZ Pours US$50 Million Into Interbank Forex Market In October - Mushayavanhu

The Reserve Bank of Zimbabwe (RBZ) has reportedly injected US$190 million into the foreign exchange market to meet demand for dollars and maintain economic stability since the introduction of the Zimbabwe Gold (ZiG) in April.
Launched in April 2024, the ZiG is backed by reserves of gold, precious metals, and cash held at the central bank.
In a phone interview with Bloomberg on Monday, Persistence Gwanyanya, a member of the RBZ’s monetary policy committee (MPC), confirmed that the central bank has injected a total of US$190 million into the forex market since the ZiG’s launch. Said Gwanyanya:
<blockquote>
Initially, there was not much need to intervene at the launch of ZiG. But now there has been, with the emerging volatilities, which show reduced dollarization in the economy from 85% to 60%.
Dedollarisation is happening faster than we expected. We tend to experience these challenges, so we need to manage all the pressures.
</blockquote>
In late July, the RBZ announced that it had injected US$50 million into the market to meet the demand for dollars among Zimbabwe’s lenders.
The ZiG represents Zimbabwe’s sixth attempt to establish a functional local medium of exchange in the past 15 years.
As of Monday, September 2, the ZiG was trading at 13.86 per dollar on the official market, according to data posted on the central bank’s website.
However, <a href="https://zimpricecheck.com/">ZimPriceCheck.com</a>, which tracks both official and unofficial exchange rates, reports that a U.S. dollar is fetching between 16 and 26 ZiG on the streets of Harare.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe put $190 million in the forex market to get more dollars and keep the economy steady since introducing ZiG. ZiG, began in April 2024, is tied to gold, precious metals, and cash held by the central bank. Persistence Gwanyanya said the bank injected $190 million to deal with recent challenges due to less use of the dollar in the economy. RBZ also gave $50 million in July. ZiG is the sixth try in 15 years to create a local currency. ZiG was trading at 13.86 per dollar, but street rates in Harare were 16 to 26 ZiG for one dollar.

RBZ Injects US$190 Million Into Forex Market To Meet Demand

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has said the Central Bank over US$50 million into the interbank foreign exchange market to complement the supply of foreign currency by Authorised Dealers to meet demand by economic agents.
In a statement issued on Thursday, 25 July, Mushayavanhu said in recent weeks, the Reserve Bank has witnessed a build-up in pipeline demand for foreign currency at banks, thus putting undue pressure on the foreign exchange market which necessitated the injection of the US$50 million. Reads the statement:
<blockquote>
RESERVE BANK PARTICIPATION IN THE FOREIGN EXCHANGE MARKET TO CONSOLIDATE ZiG STABILITY
Since 5 April 2024, the Reserve Bank has been participating in the interbank foreign exchange market to supplement liquidity under the Willing-Buyer Willing-Seller (WBWS) trading arrangement.
The participation of the Reserve Bank in the interbank market has helped to complement the supply of foreign currency by Authorised Dealers to meet demand by economic agents.
In recent weeks, the Reserve Bank has witnessed a build-up in pipeline demand for foreign currency at banks, thus putting undue pressure on the foreign exchange market.
In light of the above, the Reserve Bank is immediately injecting over US$50 million into the interbank foreign exchange market guided by the obtaining pipeline demand at banks as of 25 July 2024.
Consistent with the April 2024 Monetary Policy measures that introduced the ZiG currency, the Reserve Bank has been building foreign reserves which now stand at about 4 times cover of the reserve money.
The country continues to generate significant foreign currency to meet import requirements as evidenced by an almost 10% increase in foreign currency receipts during the first half of 2024 compared to the same period in 2023.
Reflecting the significant foreign currency receipts, the bulk of foreign payments are currently being met by balances in foreign currency accounts (FCA).
Going forward, the Reserve Bank remains an active participant in the interbank foreign exchange market to complement foreign currency supply under the WBWS trading platform to meet all genuine and bonafide foreign payments.
The Reserve Bank is satisfied with the general acceptance and uptake of ZiG by the market and will continue to ensure currency and exchange rate stability in the macro-economy.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe (RBZ) has put over US$50 million into the interbank foreign exchange market to help meet the demand for foreign currency. This is to stop banks being under too much pressure. The RBZ has been injecting money into the market since April 2024 to help keep the currency stable. The country is generating a lot of foreign currency, which is helping to meet the demand for imports. The RBZ will keep participating in the market to make sure there is enough foreign currency for genuine payments. They are happy with how well the new currency, ZiG, is being used.

RBZ Injects US$50 Million Into Interbank Forex Market

A school teacher at Waterloo Primary School in Macheke was arrested on Friday and charged with illegal trade in foreign currency after he approached undercover police officers attempting to exchange his ZiG bank balance for US dollars.
According to a police memo, Albert Nyambara (37) unknowingly approached police detectives who were on surveillance for money traders outside N Richards Supermarket in Marondera.
Nyambara allegedly offered detectives from CID Commercial Crime Division Northern Regions his CABS card to purchase some groceries in exchange for US dollars. Reads the memo in part:
<blockquote>
Accused person approaching the detectives who were pushing a trolley loaded with various groceries which include tiggle naks assorted 50X24 grams, Willards things 8X150 grams, baby soft tissues rolls white 2 ply 1X18, 2 Quire A4 papyrus FM Counter book X 1, Top Chef premium white rice 2X5 KG, Mazoe Orange Crush 6X2 Litres, Fizzi Cream-Soda 6X2 litres.
On approaching detectives, the accused person indicated that he had some ZiG in CABS Bank account and intended to swipe in exchange for US dollars at an offered rate of ZiG 14.11 per US $1-00 and in addition, he offered US$5 as a token of appreciation.
Accused person then gave detectives his CABS Bank card serial number 588925071472080 and he supplied the pin number as 2011.
Accused person then accompanied detectives to the till where they swiped for the groceries and he proceed outside the shop.
Accused person waited outside the shop and was given a receipt of the groceries worth ZiG999.07. Upon receiving the receipt, accused person calculated the equivalent in US dollars and he said amounted to US$70,80.
Detectives then gave the trap money to the accused person and subsequently arrested [him].
</blockquote>
According to <a href="https://www.zimlive.com/article/teacher-arrested-after-card-used-to-buy-groceries-in-zig-in-exchange-for-usd/">ZimLive</a>, Nyambara appeared Saturday before a Marondera magistrate who released him on summons.
He was represented by lawyers from Makwanya Godfrey of Sakala Associates.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Teacher Arrested For Swiping ZIG In Exchange For US Dollars

The Zimbabwe dollar shed $18.57 to average $5 774.2758 to the United States dollar at the foreign exchange auction conducted this Tuesday, 21 November 2023.
The local currency has been on a decline against the greenback over the past several weeks but the rate of decline has slowed down with most of the transactions now in foreign currency.
Today, the total amount on offer was US$20 000 000.00 but US$17 309 350.08 was allotted.
18 bids totalling US$$17 309 350.08 were received and all the bids received allotments.
The highest rate received was ZWL$5 792.0000, while the lowest bid rate allotted was 5 760.0000.
The highest amount allotted for the Retail Auction was for raw materials (US$866 444.48) followed by machinery and equipment (US$586 565.83).
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Zimbabwe Dollar Moves To $5 774.28 Against The US Dollar

The Zimbabwe dollar depreciated slightly against the United States dollar at the foreign exchange auction conducted on Tuesday, 07 November 2023.
According to the Reserve Bank of Zimbabwe (RBZ), this week, the weighted average moved to ZWL$5 738.7217 per US$1.00 Last week the weighted average was ZWL$5 718.4090.
Today, the total amount on offer was US$20 000 000.00 but US$17 460 100.00 was allotted, down from the US$17 798 011.00 allotted last week.
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20 bids totalling US$17 460 100.00 were received and all the bids received allotments.
The highest rate was ZWL$5 775.0000, the same as last week,  while the lowest bid rate was 5 722.0000, up from ZWL$5 700.0000 that was offered last week.
The highest amount allotted for the Retail Auction was for machinery and equipment (US$610 987.82) followed by raw materials (US$582 700.58).
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<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F-VNRekWAAA0LKW?format=jpg&amp;name=4096x4096"/>

Zimbabwe Dollar Official Rate Moves To $5 738 Per US$1

The official foreign currency exchange rate moved to ZWL$5 718.4090 per US$1.00, on Tuesday, 31 October.
On 24 October, the weighted average was ZWL$5 693.7825 according to the Foreign Exchange Auction Results announced by the Reserve Bank of Zimbabwe.
The total amount on offer yesterday was US$20 000 000.00 but US$17 798 011.00 was allotted.
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19 bids totalling US$17 798 011.00 were received and all the bids received allotments.
The highest rate was ZWL$5 775.0000 while the lowest bid rate was ZWL$5,700.0000.
The highest amount allotted for the Reail Auction was for raw materials followed by machinery and equipment.
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Zimbabwe Dollar Official Rate Now $5 718 Per US$1

The Zimbabwe Dollar has continued to lose value against the United States Dollar on the official forex market.
At this Tuesday’s Reserve Bank of Zimbabwe wholesale foreign currency auction, the Zim dollar averaged $5 252.6558, down from $5 015.4279 per US Dollar last week.
The total amount on offer today was US$20 000 000.00 but US$18 693 948.80 was allotted.
20 bids totalling US$18 893 948.80 were received and only one bid was disqualified, with the other 19 bids receiving allotments.
The highest rate was ZWL$5 305.0000 while the lowest bid rate was ZWL$4 200.0000.
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Zimbabwe Dollar Official Rate Moves To $5 252 Per US$1

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya, has assured Zimbabweans that there is nothing to worry about, despite the value of the Zimbabwean dollar declining once more.
Both the official rate and the street rate have been comparatively stable in August but this week, the local unit fell to ZWL$4 712.16: US$1 from ZWL$4 604.62: US$1 three weeks ago.
<a href="https://businesstimes.co.zw/zim-dollar-implodes-again/">Business Times</a> quoted Mangudya as saying the central bank is in control of the situation. He said:
<blockquote>
There’s nothing to worry about as the exchange rate remains relatively stable. I think Zimbabweans need prayers as they start panicking with something that is within reach. We have tools to ensure there is no excess liquidity in the market.
The central bank remains confident that the continued sale of gold coins and gold-backed digital tokens will sustainably take away steam from the store-of-value demand for local currency during the short to medium term, with positive spinoffs on the substance of obtaining price and exchange rate stability.
Furthermore, the central bank’s strategic resolve for continued monetary prudence will add further impetus to the positive prospects of the local currency over the medium term.
In addition, the ongoing monitoring and surveillance by the Financial Intelligence Unit will effectively minimise incidences of exchange rate manipulation and abnormal pricing practices.
</blockquote>
Meanwhile, Finance and Investment Promotion Minister Mthuli Ncube said that it is baffling that a foreign currency parallel market still exists in Zimbabwe.
Ncube said the parallel market “shouldn’t even exist” as “every piece of policy that is necessary for a stable currency has been put in place”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Falling Once More, Mangudya Says Nothing To Worry About

The Zimbabwe Dollar depreciated against the United States Dollar on the Reserve Bank of Zimbabwe wholesale foreign currency auction on Tuesday, 29 August.
After today’s wholesale auction, the Zimbabwe dollar averaged $4 604.62 against the US dollar.
On 21 August, the average interbank rate was $4 571.29, while on 18 August, it was $4 573.77.
Today, 18 bids were received, and all 18 bids were accepted and received allotments.
The total value of bids accepted was US$19,610,040.40 and a similar amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,650.0000 while the lowest bid rate was ZWL$4,570.0000.
The Retail Auction was allotted US$545 877.82, with the bulk of the allotment, US$220 379.23, going to services (loans, education, dividends, disinvestments, etc.).
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Zimbabwe Dollar Official Rate Moves To $4 604 Per US Dollar

President Emmerson Mnangagwa has hinted the Reserve Bank of Zimbabwe (RBZ) – controlled foreign exchange auction floor system could be done away with, saying it has served its purpose.
Mnangagwa told Brick by Brick magazine that the forex auction system was adopted to deal with a particular challenge that he said has almost been resolved. He said, as quoted by <a href="https://businesstimes.co.zw/govt-to-abandon-forex-auction-system/">Business Times</a>:
<blockquote>
As we go forward, we should reach a stage where we may not need it (Dutch forex auction system) because it’s not necessary.
It has been put there to deal with a particular challenge and I think that challenge is going away. We may reach a stage very soon where we may not need it.
</blockquote>
This comes after industry put pressure on the central bank governor, John Mangudya, to consider scrapping the “inefficient” foreign currency auction system or overhauling it.
Companies have been struggling to access foreign currency allotted to them through the foreign currency auction system, and going for several months before getting the allotted funds.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mnangagwa Hints At Scrapping RBZ's Forex Auction System

The local unit today gained $32.0677 against the United States dollar to average $4 505.4232 at the Reserve Bank of Zimbabwe wholesale foreign currency auction.
This Tuesday, 25 July 2023, 16 bids were received, and all 16 bids were accepted. However, only 6 bids were allotted.
The total value of bids accepted was US$14,471.600.00 and US$7,900,600.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,580.0000 while the lowest bid rate was ZWL$4,480.0000.
Below are the rates from the last six auctions:
<ul>
<li>25 July: $4 505.4232</li>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
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Zimbabwe Dollar Official Rate Now $4 505 Per US$1

The Zimbabwe dollar continued firming against the United States Dollar following the latest Reserve Bank of Zimbabwe wholesale foreign currency auction held on Thursday, 20 July.
The Zim dollar is now trading at ZWL$4 537.4909 from ZWL$4 771.3854 per US$1.
This Thursday, 13 bids were received, and all 13 bids were accepted. However, 11 bids were allotted.
The total value of bids accepted was US$6,383,500.00 and US$5,705,700 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4.711.7431 while the lowest bid rate was ZWL$4,537.4909.
Below are the rates from the last five auctions:
<ul>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
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Zimbabwe Dollar Official Rate Now $4 537 Per US$1

The Zimbabwe dollar has firmed again on the Wholesale Foreign Exchange Auction conducted on Friday, 14 July to ZWL$4883.8208 per US$1.
On Tuesday, 11 July, the weighted average was ZWL$4 998.8352, which was itself a significant recovery from the ZWL$5 251.0640 on 06 July 2023.
Today, 10 bids were received from banks, and all 10 bids were accepted but only 8 bids were allotted.
The RBZ said that the total value of bids accepted was US$5,295,000.00, while US$4,845,000.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate received was ZWL$5,037.3700 while the lowest bid rate received was ZWL$4,700.0000.
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Zimbabwe Dollar Official Rate Now ZWL$4 883 Per US$1

The Zimbabwe dollar on Tuesday, 11 July further strengthened against the US dollar on the Reserve Bank of Zimbabwe forex auction.
According to the Wholesale Foreign Exchange Auction Results today, the weighted average was ZWL$4 998.8352.
This is a significant recovery from last week as the weighted average was ZWL$5 251.0640 at the Wholesale Foreign Exchange Auction Results of 06 June 2023.
Today, 10 bids were received from banks, and all 10 bids were accepted but only 8 bids were allotted.
The RBZ said that the total value of bids accepted was US$5 830 000.00, while US$5 640 000.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$5 353.7221 while the lowest bid rate was ZWL$4 900.0000.
Meanwhile, the RBZ awarded US$460,130.60 to the retail auction.
The central bank also said all bids for the retail auction within the pre-announced amount were allotted in full.
It added that all bids for the retail auction with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
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Zimbabwe Dollar Official Rate Now $4 998 To The US Dollar

The Zimbabwe dollar significantly recovered for the second time in a week, trading at ZWL$5 739 to the USD at the Reserve Bank of Zimbabwe (RBZ) Wholesale Foreign Exchange Auction on Thursday, 29 June.
On Tuesday, the local currency firmed against the United States Dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
On Thursday, the RBZ said eight (8) bids were submitted by banks and all the bids were accepted but only four (4) were allotted cash.
According to the RBZ, US$20 million was on offer and just under US$3 million was allotted.
Commenting on the development, journalist Hopewell Chin’ono said the Government has taken out local currency liquidity so that there are few Zimbabwe dollars to buy the US Dollar. He added:
<blockquote>
This is an electioneering ploy that will backfire spectacularly.
The regime won’t let the local currency float freely because it will expose the lack of the required economic fundamentals!
</blockquote>
Chin’ono said as of Friday, 30 June, the street rate was around ZWL$8 700. On Tuesday, Chin’ono said:
<blockquote>
It is like denying food to a person with diarrhea, and then celebrating when they go to the toilet less than they did before.
You haven’t treated or cured the problem, you have simply denied the patient food, therefore there is nothing to excrete.
So what happened to the Zimbabwean dollar to firm up today? Many people are asking how this is possible.
Firstly, the central bank @ReserveBankZIM has taken out the Zimbabwean dollar liquidity in the marketplace. 
Hakuna RTGS muma streets.
Therefore the market is short of the Zim Dollar to buy the auction US dollars. 
So the movement of the rate is artificial and manipulated!
Shortage of the local currency does not mean that importers and their business enterprises have stopped working.
It just means that they are preferring to use their UD dollars to import goods.
The exchange rate is determined by the auction floor rate.
According to the central bank, auction forex only serves 13% of the total import bill of Zimbabwe. 
87% is sourced elsewhere.
Can the central bank sustain its liquidity crunch? No, it can’t and it won’t!
WHY? Because Government contractors haven’t been paid including parastatal contractors like ZUPCO who rely on government payments.
If contractors are paid, they will flood the Black Market looking for US Dollars and the local currency will crash again.
That is why I said in my opening remarks that the patient has not been cured, they simply starved the patient and are celebrating that artificial response.
Civil servant salaries were last adjusted when the rate was at Z$1,500 against the US Dollar.
But most crucially, big exporters are not getting their export surrender Zim Dollar payments too.
The government has decided to roll over these payments creating a Zim Dollar backlog.
A time will come when all these Zim Dollar payments will flood the market, that time the local currency will crash again.
Do not be fooled by election tinkering of the exchange rate.
The market is fast dollar rising, preferring to use US Dollars instead of Zim Dollars because Zimbabwe is officially under hyperinflation.
Even the official blended inflation rate month-on-month inflation rate is at 74%.
This in economics classifies Zimbabwe as hyperinflation.
This is the second time it has happened in five years.
Things will only improve when there are serious structural changes in Zimbabwe’s economy and politics and not piecemeal tempering with the exchange rate.
In Nigeria, the central bank Governor was suspended for this, and the forex market was liberalized.
In Zimbabwe, the appointing authority has no appetite for doing the right thing.
As Zimbabwe’s most recent successful Finance Minister, Tendai Biti reminded us in his dramatic terminologies, Ingori Kiya-Kiya Economics!
</blockquote>
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Zimbabwe Dollar Recovers For A Second Time In A Week

The Reserve Bank of Zimbabwe’s (RBZ) official exchange rate has moved to almost ZWL$7 000 to the US dollar.
The Weighted Average Rate from the forex auction conducted on Tuesday, 20 June 2023, was ZWL$6 926.5764.
On 13 June 2023, the wholesale weighted average was US$1: ZWL$5 978.6794.
Today, the RBZ said 73 bids were received on the regular forex auction, and all the bids were accepted but only 50 bids were allotted. The total amount allotted was US$1,135,542.46.
On the wholesale auction, 12 bids were received and all the bids were accepted and all received allotments. The RBZ said the total amount allotted wasUS$10,614,000.00
The RBZ said that all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient balances were also disqualified.
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Zimbabwe Dollar Official Rate - 20 June 2023

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) says it has frozen additional bank accounts of companies and individuals for allegedly participating in fuelling the exchange rate on the parallel market.
Speaking to <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a> on Saturday, FIU director-general Oliver Chiperesa said that penalties for the offenders will be issued to them this week. He said:
<blockquote>
This past week we also froze an additional six bank accounts of traders who were also violating the regulations relating to the prescribed rates that must be used by traders and penalties will be issued to them this week.
The penalties are usually in the form of fines and as we said before repeated offenders will end up being recommended for cancellation of their trading licences.
We have also frozen the accounts of 10 individuals and companies who were involved in the parallel market.
They are not necessarily traders but they are companies in various sectors as well as individuals whom we traced their transactions and found that they were participating in fuelling the exchange rate on the parallel market.
Again, we will issue them with penalties in the course of the coming week.
</blockquote>
Chiperesa claimed that the black market rate is now starting to stabilise in response to measures and policies announced by the Government over the past few weeks. He said:
<blockquote>
We have witnessed that for the first time in the last five or six weeks, the black market rate is now starting to stabilise because of the effectiveness of the policies that have been put in place which we are supporting as the FIU by making sure that those who destabilise the foreign exchange are dealt with severely in terms of the law.
</blockquote>
On Friday, the street rate was hovering around ZWL$9 000, while the official rate last week stood at US$1: ZW$5 900.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Freezes Six More Bank Accounts For Exchange Rate Violations

The Reserve Bank of Zimbabwe (RBZ) has set the official exchange rate at almost ZWL$6 000 to the US dollar.
According to the results of the foreign exchange auction conducted on Tuesday, 13 June 2023, the wholesale weighted average was US$1: ZWL$5 978.6794.
On 06 June 2023, the weighted average was US$1: ZWL$3 673.7718, from US$1: ZWL$2 577.0564 on 30 May.
Today, the RBZ allotted a total of US$2,945,406.28, down from US$4,987,432.34 allotted last week, with the bulk of the allotment going to raw materials, followed by machinery and equipment.
The RBZ said that all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient balances were also disqualified.
The RBZ added that starting the week beginning 19 June 2023, authorised dealers will submit bids for the two auctions, that is, the forex auction and the wholesale forex auction by 9 AM on Tuesdays.<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/Fyg5E20WIAQl9PI?format=jpg&amp;name=4096x4096"/>
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Zimbabwe Dollar Official Rate Now $6 000 To The US Dollar

The Zimbabwean Dollar has further lost its value this Wednesday, 07 June 2023, from ZWL$3 673.7718 to ZWL$4 868.5152 within 24 hours against the US Dollar at the Wholesale Foreign Exchange Auction announced by the Reserve Bank of Zimbabwe (RBZ).
On Tuesday, the Zimbabwe dollar fell by over $1 000 to average $3 673.7718 against the United States (US) dollar on the foreign currency auction held by the RBZ, down from US$1: ZWL$2 577.0564 on 30 May.
Below are the RBZ Wholesale Foreign Exchange Auction Results for 07 June 2023:
<blockquote>
Wholesale Foreign Exchange Auction Results – 7 June 2023
Number of Bids Received From Banks: 19
Number of Bids Disqualified: 0
Total Number of Bids Accepted: 19
Total Number of Bids Allotted: 10
Total Value of Bids Accepted Amount: USD12,993,000.00
Allotted: USD11,180,000.00
Highest Bid Rate Received: 5,020.0000 
Lowest Bid Rate Allotted : 4,500.0000
Weighted Average Rate: 4,868.5152
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FyB3utPWcAMZHUv?format=jpg&amp;name=900x900"/>
</blockquote>

Zimbabwe Dollar Official Exchange Rate Now $4 868

President Emmerson Mnangagwa has said his Government may enact laws against the use of foreign currencies to ensure that Zimbabweans embrace the Zimbabwe dollar.
In an interview with the Third Eye and Brick By Brick magazines this week, Mnangagwa ruled out dollarisation saying there was no turning back to using other countries’ currencies.
He said the multi-currency system was adopted to deal with hyperinflation but there is no country that can develop without its own currency. <a href="https://www.chronicle.co.zw/opposition-leaders-free-to-approach-president/">He said</a>:
<blockquote>
What we might do is legislate against foreign currency to make sure we use our own currency.
Our people must know that our currency is there to stay but foreign currencies of other countries are not there to stay.
</blockquote>
Calls for full dollarisation have been amplified in recent weeks following the precipitous devaluation of the Zimbabwe dollar on both the formal and informal market.
The majority of businesses, especially those in the informal sector, are no longer accepting Zimbabwe dollars, instead insisting on foreign currency.
This has resulted in trade unions demanding USD salaries and wages for workers to make ends meet.
Treasury and the central bank have ruled out dollarisation, with <a href="https://pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ) Governor <a href="https://pindula.co.zw/John_Mangudya">John Mangudya</a> saying Zimbabwe has no capacity to fully dollarise. Mangudya said:
<blockquote>
We have no capacity to dollarise because the money in the banks is not ours.
It belongs to the exporters so that they can export more. Now people are always confused that this US$11 billion is ours, no it’s not ours
The numbers don’t lie. If you can measure it, you can manage it. Ours is 25% which is supposed to go through the rest of the economy.
That’s what we use for auction, for reserves and for paying debts. That’s what it is.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mnangagwa Threatens To Legislate Against Use Of Foreign Currency

Captains of the industry say authorities should overhaul the foreign currency auction system to eradicate arbitrage opportunities that some firms and individuals are using to accumulate cheap US dollars.
This comes after Finance and Economic Development Minister Mthuli Ncube said the foreign currency auction platform will be fine-tuned to close the gap between the official exchange rate and the parallel market exchange rate.
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told <a href="https://businesstimes.co.zw/business-wants-overhaul-of-forex-auction-system/">Business Times</a> that the forex auction system should be overhauled to represent the true Dutch system, which promotes competition among bidders. Said Matsheza:
<blockquote>
There is a need to do a total fine-tuning of the forex auction system to represent the true characteristics of a Dutch auction system.
As we can see, the authorities have done some piecemeal adjustments to the platform but it is still a long way to go to become the real auction platform.
By doing these small changes, we still have a lot of arbitrage opportunities that some firms and individuals are capitalising on to make money.
An improved auction system is a better platform than an interbank where some people just sit down to decide the exchange rate.
This may be the reason why the official rate is 50% lower than the official rate.
</blockquote>
Zimbabwe now has three forex markets namely the auction, interbank and parallel market.
Economist Gift Mugano recently said the forex markets can only converge if authorities follow the real Dutch auction system. Said Mugano:
<blockquote>
They will only converge if they follow the real Dutch auction system where you take the highest bidder price as the benchmark for the auction rather than taking the average price as done by the RBZ.
They must notify people in advance because one can’t bid in the darkness and only if they follow the rules of the real Dutch auction system will they someday converge.
You will see all the exchange rates moving in different directions. The parallel market rate will be ahead followed by other exchange rates.
The major reason the interbank can’t converge also is that there are some controls that are still there.
There are some limits to how much one can trade whereas there is no limit on the parallel market rate
</blockquote>
The Zimbabwe dollar was this week trading at ZWL$1888.80:US$1 at the auction system and above ZWL$3000: US$1 on the black market.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Industry Wants Fine-tuning Of Forex Auction System

The Government has warned schools, both public and private, against demanding fees exclusively in United States dollars saying the Zimbabwe dollar remains legal tender.
In a press statement released on 12 May 2023, the Ministry of Primary and Secondary Education said parents and guardians should be allowed to pay fees in local currency calculated against the prevailing bank rate. The Ministry said:
<blockquote>
The Ministry of Primary and Secondary Education has noted with concern the demand for school fees and levies in USD by school authorities.
For this reason, all public and private schools must accept all forms of currency payment obtaining in the country for school fees and levies.
Therefore, the demand to receive payment exclusively in USD is not permissible and is contrary to the laws of the land.
For the record, the Zimbabwe dollar is still the legal tender in the country.
Parents/guardians should therefore be allowed to pay fees and levies in Zimbabwean dollars.
Parents/guardians opting to pay school fees in USD or in Rand should be allowed to do so calculated against the prevailing bank rate on the authorized fee and levy structure.
As a matter of fact, no school; public or private should charge fees without the approval of the Ministry of Primary and Secondary Education.
The Ministry of Primary and Secondary Education remains committed to the education of all pupils at institutions that provide primary and secondary education as we strive to provide quality and relevant education to all Zimbabweans.
</blockquote>
The Zimbabwe dollar is increasingly becoming unattractive for businesses and services providers as continues to fall rapidly against other countries in use in the country such as USD, Rand and Pula.
As a result, both formal and informal sectors are demanding payments in foreign currency and where the Zimbabwe dollar is accepted, in most cases the black market rate is used which is more than double the official rate.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Says Forex Only School Fees Illegal

The Zimbabwe dollar has lost significant value against the United States dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ). </a>
On 09 May 2023, the weighted average was US$1: ZWL$1,212.5.8  up from US$1: ZWL$1,070 reported on 02 May 2023.
The central bank allotted a total of US$16,349 930.31 down from US$19,053,366.38, with the majority of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,576,700.13 down from US$2,280,785.72, while the Main Forex Auction was allotted US$14,773,230.18 down from US$16,772,580.66.
<blockquote>
♦ Weighted Average Rate moved to 1,212.5.8 up from 1,070.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
<ul>
<li>Raw Materials ………………………. (SME) US$392,11.03 7,17,37.67; (MAIN) US$7,017,237.67</li>
<li>Machinery and Equipment …………. (SME) US$590,158.96; (MAIN) US$3,047,072.03</li>
<li>Consumables (Incl. Spares, Tyres, Electricals, etc) – (SME) US$200,611.76; (MAIN) US$963,868.44</li>
<li>Services (Loans, Education, Dividends, Disinvestments, etc) – (SME) US$170,312.82; (MAIN) US$854,682.24</li>
<li>Retail and Distribution (Incl. Food, Beverages, etc) – (SME) US$111,545.24; (MAIN) US$1,390,864.07</li>
<li>Lubricants …………………………. (MAIN) US$50,000,00</li>
<li>Pharmaceuticals and Chemicals … (SME) US$57,666.08; (MAIN) US$407,331.35</li>
<li>Paper and Packaging ……………… (SME) US$53,894.24; (MAIN) US$1,042,174.38</li>
<li>TOTAL amount alloted to SMEFX134/2023  … US$1,576,700.13</li>
<li>TOTAL amount alloted to MAIN FX140/2023) … US$14,773,230.18</li>
<li>GRAND TOTAL AWARDED ……. US$16,349 930.31</li>
</ul>
Notes
<ol>
<li>Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.</li>
<li>Some Bids were allotted on a pro-rata basis.</li>
</ol>
</blockquote>
<h2><a href="https://news.pindula.co.zw/">More Pindula News</a></h2>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FvsR3jlacAU4YkE?format=jpg&amp;name=900x900"/>
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RBZ Forex Auction: Zimbabwe Dollar Official Rate 09 May 2023

The Government has acknowledged that some suppliers and manufacturers are demanding payment for goods exclusively in foreign currency in violation of the dual currency pricing system.
In a statement, Minister of Industry and Commerce Sekai Nzenza said some suppliers are selling goods below the prescribed weight and volume. She warned that the unscrupulous behaviour will not go unpunished. She said:
<blockquote>
It has come to our attention that some suppliers of basic commodities have been observed demanding payment exclusively in foreign currency for certain basic commodities in violation of the dual currency pricing system adopted by the Government.
Furthermore, a few manufacturers of basic goods have been observed selling goods that are below the prescribed weight and volume and corrective action will always be taken to protect consumers.
</blockquote>
Nzenza said the ministry has engaged the Reserve Bank of Zimbabwe (RBZ) to avail foreign currency to manufacturers to ensure that shops do not run out of basics. She said:
<blockquote>
All stakeholders concerned are being engaged and are committed to finding a lasting solution to this situation. The public is encouraged to take note that there are no shortages of basic commodities in the economy.
The ministry, in liaison with relevant arms of Government, continues to advocate for the availability of foreign currency to productive sectors of the economy and to achieve macro-economic stability.
We also assure the private sector that issues brought forward in our engagements are being attended to for the benefit of the consumers.
</blockquote>
Manufacturers and suppliers price their products exclusively in foreign currency to avoid losses emanating from the rapidly depreciating Zimbabwe dollar on the parallel market.
The local currency is currently changing hands on the parallel market for at least US$1: ZWL$2 200 while the official exchange rate is roughly US$1: ZWL$1 000.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Minister Nzenza Condemns Exclusive Pricing Of Basics In Forex

The Zimbabwe dollar has for the first time breached the 1 000 mark against US$1.00  on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ) </a>foreign currency auction.
This Wednesday, 19 April 2023, the weighted average moved to US$1: ZWL$1 000.0227, from US$1: ZWL$959.3111 which was set on 11 April 2023.
The RBZ said the highest rate received was 1 125.0000, while the lowest bid rate allotted was 978 000.
The central bank also said a total of US$18,905,097.94 was allotted today down from US$20,568,055.34, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$1,731,764.97 down from US$US$2,241,706.95.
The total amount allotted on the Main Forex Auction was US$17,173,332.97 down from US$18,326,348.39.
<blockquote>
♦ Weighted Average Rate moved to 1 000.0227 from 959.3111.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$616,821.49 (MA)US$9,101,791.90
Machinery and Equipment……………………..…(SME)US$537,029.59  … (MA)US$3,439,887.52
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$213,005.13 … (MA) US$1,077,195.49
Services (Loans, Education, Dividends, Disinvestments…) (SME) US$115,342.95  … (MA) US$1,033,601.13
Retail and Distribution (Incl. Food, Beverages, etc)…(SME) US$168,605.61 … (MA) US$1,183,168.54
Lubricants ………………………………………………. (SME) US$50,000.00
Pharmaceuticals and Chemicals …………….… (SME) US$54,055.63  … (MA) US$517,726.37
Paper and Packaging …………………………… (SME) US$26,904.57 …. (MA) US$769,962.02
<blockquote>
TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,731,764.97
TOTAL Amount allotted for the MAIN FX130/2023 ………US$17,173,332.97
GRAND TOTAL AWARDED ………………………… US$18,905,097.94
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate Crosses $1 000 Mark

The Zimbabwe dollar this week remained below the 1 000 mark against US$1.00  on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction despite reaching at least 1 500 on the parallel market in recent days.
This Tuesday, 11 April 2023, the weighted average moved to US$1: ZWL$959.3111, up from US$1: US$1: ZWL$944.7133 which was set on 04 April 2023.
The RBZ said the highest rate received was 1 100.0000, while the lowest bid rate allotted was 950 000.
The central bank also said a total of US$20,568,055.34 was allotted today down from US$20,969,947.45, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$2,241,706.95 down from US$2,379,980.25.
The total amount allotted on the Main Forex Auction was US$18,326,348.39 down from US$18,589,967.20.
<blockquote>
♦ Weighted Average Rate moved to 959.3111 from 944.7133.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$780,117.95  (MA) US$10,145,544.10
Machinery and Equipment……………………..…(SME)US$680,281.10  … (MA)US$3,111,160.89
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$303,176.35 … (MA) US$1,082,756.22
Services (Loans, Education, Dividends, Disinvestments…) (SME) US$130,751.42  … (MA) US$1,157,856.91
Retail and Distribution (Incl. Food, Beverages, etc)…(SME) US$231,773.24 … (MA) US$1,603,231.85
Lubricants ………………………………………………. (SME) US$40,000.00
Pharmaceuticals and Chemicals …………….… (SME) US$92,954.56  … (MA) US$480,479.95
Paper and Packaging …………………………… (SME) US$22,652.33 …. (MA) US$705,318.47
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,241,706.95
TOTAL Amount allotted for the MAIN FX130/2023 ………US$18,326,348.39
GRAND TOTAL AWARDED ………………………… US$20,568,055.34
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>

Zimbabwe Dollar Official Rate As Of 11 April 2023

The Zimbabwe dollar this week depreciated by less than ZWL$3.00 against the United States dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 21 March 2023, the weighted average moved to US$1: ZWL$915.1822, from US$1: US$1: ZWL$912.5828 which was set on 14 March 2023.
The central bank said a total of US$18,719,881.96 was allotted today down from US$19,819,940.12, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$1,950,094.82 down from US$2,530,187.62.
The total amount allotted on the Main Forex Auction was US$16,769,787.14 down from US$17,289,752.50.
<blockquote>
♦ Weighted Average Rate 915.1822 from 912.5828.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$572,024.56  (MA) US$7,324,594.15
Machinery and Equipment……………………..…(SME)US4578,298.43  … (MA)US$3,187,757.32
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME)US$301,083.28 … (MA)US41,338,761.04
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$148,676.81  … (MA)US41,468,144.95
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$252,715.86 … (MA)US$2,164,656.62
Electricity ………………………………………………. (SME) US$9,936.75
Pharmaceuticals and Chemicals …………….… (SME)US$64,907.54  … (MA)US$683,282.50
Paper and Packaging …………………………… (SME)US$22,451.59 ….(MA)US$602,590.56
TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,950,094.82
TOTAL Amount allotted for the MAIN FX130/2023 ………US$16,769,787.14
GRAND TOTAL AWARDED ………………………… US$18,719,881.96
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate As Of 21 March 2023

The Zimbabwe dollar this week shed only $4.66 to average $912.5828 against the United States dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 14 March 2023, the weighted average moved to US$1: ZWL$912.5828, from US$1: ZWL$$907.9236 that was set on 07 March 2023.
The central bank said a total of US$19,819,940.12 was allotted today up from US$18,079,094.38, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$2,530,187.62 up from US$2,144,924.87.
The total amount allotted on the Main Forex Auction was US$17,289,752.50 up from US$15,934,169.51.
<blockquote>
♦ Weighted Average Rate 912.5828 from 907.9236.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$ 742,403.42  (MA) US$9,572,202.10
Machinery and Equipment……………………..…(SME) US$730,643.76  … (MA)US$2,429,410.70
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$407,072.60 … (MA)US$1,091,171.52
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$206,857.61  … (MA) US$1,101,088.97
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$291,079.27 … (MA)US$1,800,702.01
Electricity ………………………………………………. (MA) US$30,000.00
Pharmaceuticals and Chemicals …………….… (SME)US$99,076.09  … (MA)US$418,023.70
Paper and Packaging …………………………… (SME)US$53,054.87 ….(MA)US$847,153.50
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,530,187.62
TOTAL Amount allotted for the MAIN FX130/2023 ………US$17,289,752.50
GRAND TOTAL AWARDED ………………………… US$19,819,940.12
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate As Of 14 March 2023

The Zimbabwe dollar has breached the $900 mark against the US dollar on the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> foreign currency auction.
This Tuesday, 07 March 2023, the weighted average moved to US$1: ZWL$907.9236, from US$1: ZWL$892.6349 that was set on 28 February 2023.
The central bank said a total of US$18,079,094.38 was allotted today up from US$17,562,464.59, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction was US$2,144,924.87 down from US$2,165,675.36.
The total amount allotted on the Main Forex Auction was US$15,934,169.51 up from US$15,396,789.59.
<blockquote>
♦ Weighted Average Rate 907.9236 from 892.6349.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$ 603,795.73  (MA) US$7,959,704.89
Machinery and Equipment……………………..…(SME) US$630,601.33  … (MA)US$3,262,466.97
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$230,563.99 … (MA)US$966,846.51
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$208,993.30  … (MA) US$1,306,547.18
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$347,457.00 … (MA)US$1,182,639.25
Electricity ………………………………………………. (SME) US$3,409.13
Pharmaceuticals and Chemicals …………….… (SME)US$84,198.09  … (MA)US$410,374.94
Paper and Packaging …………………………… (SME)US$35,906.30 ….(MA)US$845,589.77
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,144,924.87
TOTAL Amount allotted for the MAIN FX130/2023 ………US$15,934,169.51
GRAND TOTAL AWARDED ………………………… US$18,079,094.38
</blockquote>
<h2>Notes</h2>
<blockquote>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
</blockquote>
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