Businesses are considering taking legal action against the Reserve Bank of Zimbabwe (RBZ) over its decision to withhold payment for outstanding foreign currency auction allotments, reported <a href="https://businesstimes.co.zw/rbz-faces-lawsuit/">Business Times</a>.
The Central Bank failed to disburse the allotted hard currency amounting to more US$80 million to companies from the now-defunct foreign currency auction trading system.
RBZ Governor, John Mushayavanhu, has vowed he will not reverse the decision to withhold payment for outstanding forex allotments.
He said the central bank would issue non-negotiable certificates of deposit (NNCDs) or a two-year Zimbabwe Gold (ZiG) instrument at an interest rate of 7.5% annually.
Mushayavanhu also said exporters would also be issued with a one-year ZiG instrument from the Treasury for the 25% of export earnings they have to surrender to the Ministry of Finance. He said:
<blockquote>
I’m sorry, but we are not going to budge. We had to lock the money up. I would rather inconvenience a few comrades than jeopardise the whole economy.
So, be it unfulfilled auction rate obligations or those issued by banks and so on, we are hoping to keep them as NNCDs.
When we talk about confidence in the economy, it is not something that can be legislated. So, we will think about it but not now.
</blockquote>
Industry executives who asked not to be named told Business Times this week that businesses were considering suing the RBZ. One business leader said:
<blockquote>
… some firms within our business member organisation (BMO) are mulling legal action against the RBZ as engagements are not yielding any meaningful results.
We are being sued left right and centre by our clients whom we have already taken money from and we cannot repay them.
</blockquote>
Confederation of Zimbabwe Industries (CZI) president, Kurai Matsheza, said Mushayavanhu’s decision was bad for business. He said:
<blockquote>
Various companies are owed a total of US$80m from the outstanding forex auction allotments and that is a lot given the current state of the industry in Zimbabwe.
We have engaged the RBZ over the release of the aforementioned amount and we will continue to engage.
We will knock and continue knocking till the doors are open. Companies have thin working capital and are in dire need of that capital to ramp up production.
We hope that the governor will listen to us and release the amounts in batches.
</blockquote>
In his 2024 Monetary Policy Statement, Mushayavanhu said following the establishment of a refined interbank foreign exchange market, all outstanding auction allotments will be converted into the new Zimbabwe Gold (ZiG) currency at the current interbank exchange rate.
He said this will allow the new system to start on a clean slate using the interbank foreign exchange system.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Local Businesses Threaten To Sue RBZ

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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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

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 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 (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

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>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Breaches $900 Mark: Official Rate As Of 07 March 2023

The Zimbabwe dollar has continued to lose value against the US dollar, data released by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> this Tuesday show.
On 28 February 2023, the weighted average at the foreign currency auction moved to US$1: ZWL$892.6349,  fromUS$1: ZWL$881.7513 that was set on 22 February 2023.
The central bank said a total of US$17,562,464.59 was allotted today down from US$19,632,591,61, 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$2,165,675.36 up from US$1,814,191.43.
The total amount allotted on the Main Forex Auction was US$15,396,789.59 down from US$17,818,400.18.
<blockquote>
♦ Weighted Average Rate 856.8403 from 831.8147.
</blockquote>
<h2>How the money was allocated:</h2>
<blockquote>
Raw Materials……………………………………(SME) US$652,589.50  (MA) US$7,856,434.10
Machinery and Equipment……………………..…(SME) US$525,704.45  … (MA)US$2,891,433.86
Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$339,961.23 … (MA)US$1,264,055.69
Services (Loans, Education, Dividends, Disinvestments…) (SME)US$197,421.92  … (MA) US$1,333,618.55
Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$251,868.14… (MA)US$991,023.07
Electricity ………………………………………………. (SME) US$9,860.16
Pharmaceuticals and Chemicals …………….… (SME)US$85,531.27  … (MA)US$353,928.77
Paper and Packaging …………………………… (SME)US$102,738.69 ….(MA)US$706,295.19
TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,165,675.36
TOTAL Amount allotted for the MAIN FX130/2023 ………US$15,396,789.59
GRAND TOTAL AWARDED ………………………… US$17,562,464.59
</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>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Dollar Official Rate As Of 28 February 2023

The Reserve Bank of Zimbabwe (RBZ) has released a breakdown of Foreign Exchange Auction Allotments for September 2022 and Foreign Exchange Payments for the period January to September 2022. The central bank said:
<blockquote>
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 210 beneficiaries of US$46 025 206 allotted under the Main Foreign Exchange Auction during the month of September 2022;
2. A list of the 623 beneficiaries of US$8 423 473 allotted under the SMEs Foreign Exchange Auction during the month of September 2022; and
3. A schedule showing the total foreign exchange payments for the period January 2022 to September 2022, by source, amounting to US$6 049 863 052 broken down as follows: –
(i) foreign currency accounts (US$4 944 612 241),
(ii) Foreign Exchange Auction Allotments (US$979 949 894); and
(iii) the interbank market (US$125 300 917).
The bulk of the auction allotments during the month of September 2022 (70%) was for payment for raw materials (US$24 354 190) and machinery and equipment (US$13 539 236), with the remaining 30% of the total allotments going towards payment for services (US$6 622 942), consumables (US$4 480 355), retail and distribution (US$3 437 518), pharmaceuticals and chemicals (US$1 426 649), packaging (US$521 533) and fuel, electricity and gas (US$66 255), as shown in the tables below.
Total cumulative foreign exchange auction allotments since inception of the Foreign Exchange Auction System stand at US$3 576 330 707.
</blockquote>
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/10/Press_Statement_-_Foreign_Currency_Allotments_for_Jan_-_Sept_2022.pdf">To download the full PDF document click here</a>

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