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Pindula News

RBZ Releases Foreign Exchange Auction Allotments, Beneficiaries For May 2023

The Reserve Bank of Zimbabwe (RBZ) has allotted US$15.0 million to the Foreign Exchange Auction System for May 23, 2023. In a statement seen by Pindula News, the central bank said this is due to the refinement of the <a class="MarkdownLink_linkifiedLink__KxC9G">Foreign Exchange Auction System</a> and the <a class="MarkdownLink_linkifiedLink__KxC9G">Exchange Control Circular</a> to <a class="MarkdownLink_linkifiedLink__KxC9G">Authorised Dealers</a> (Circular No. 03 of 2023). Reads the statement:
<blockquote>
AMOUNT AVAILABLE FOR ALLOTMENT UNDER THE FOREIGN EXCHANGE AUCTION SYSTEM ON 23 MAY 2023
PRESS STATEMENT
In line with the refinement of the Foreign Exchange Auction System and the subsequent Exchange Control Circular to Authorised Dealers (Circular No. 03 of 2023), the Reserve Bank of Zimbabwe (the Bank) would like to advise the public that the amount available for allotment for 23 May 2023 will be US$15.0 million.
Going forward, the Bank will continue to advise the public of the weekly amounts available on offer under the Foreign Exchange Auction System through Authorised Dealers.
</blockquote>
The allotment of US$15 million on May 23 is a relatively small amount in the context of the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean economy</a>, which has been grappling with <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency shortages</a> for several years. The central bank has been allotting about US$20 million every week.
One positive picking from the statement is that the <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank of Zimbabwe</a> intends to continue to refine the <a class="MarkdownLink_linkifiedLink__KxC9G">Foreign Exchange Auction System</a> which could lead to more <a class="MarkdownLink_linkifiedLink__KxC9G">stable exchange rates</a> and improved access to foreign currency for businesses and individuals.
In the long term, this could help to stimulate economic growth and improve the country’s overall economic situation. However, the impact of this allotment on the economy will depend on various factors, such as the demand for foreign currency and the effectiveness of the refinements made to the <a class="MarkdownLink_linkifiedLink__KxC9G">exchange system</a>.
Last week, the <a class="MarkdownLink_linkifiedLink__KxC9G">Ministry of Finance</a> and Economic Development lifted a ban on the importation of certain basic commodities. This means there will be increased demand on foreign currency as cross-border traders need forex to import those commodities. 
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Allots US$15m To The Forex Auction For May 23, 2023

The local currency has lost further ground against the US dollar at <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">the Reserve Bank of Zimbabwe (RBZ)</a> foreign currency (forex) auction conducted on Tuesday, 22 March 2022.
This week the weighted average was US$1: ZWL$138.1979 down from the 15 March 2022 rate that stood at US$1: ZWL$134.0820.
In total, US$36.8 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.
1 102 bids were received on the Small to Medium enterprises forex auction, with 1 011 accepted and 91 disqualified. The total number of bids allotted was 977.
On the main forex auction, a total of 450 bids were received, 413 were accepted and 37 were disqualified. The total number of bids allotted was 399.
The 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.
<table class="table table-bordered table-hover" id="table_2" style="width: 99.6436%; height: 26px;">
<tbody>
<tr>
<td style="width: 69.7903%;" title="Character Accurarcy=99.81">                                                                                        SMEFX80/2022</td>
<td style="width: 110.457%;" title="Character Accurarcy=99.91">MAIN FX86/2022</td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_2" style="width: 99.9196%;">
<tbody>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.81">Number of Bids Received :</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=99.91">1102</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=99.94">450</td>
</tr>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.76">Number of Bids Disqualified :</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=99.9">91</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=99.94">37</td>
</tr>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.91">Total Number of Bids Accepted</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=99.54">: 1011</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=99.94">413</td>
</tr>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.91">Total Number of Bids Allotted</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=99.27">: 977</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=99.91">399</td>
</tr>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.86">Total Value of Bids Accepted</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=98.63">: USD6,726,743.14</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=98.7">USD31,001,078.43</td>
</tr>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.97">Amount Allotted</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=98.11">: USD6,625,160.56</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=98.89">USD30,182,270.46</td>
</tr>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.31">Highest Rate Received :</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=98.26">150.0000</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=98.73">150.0000</td>
</tr>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.27">Lowest Bid Rate Allotted :</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=98.34">131.0000</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=97.21">134.0000</td>
</tr>
<tr>
<td style="width: 40.0824%;" title="Character Accurarcy=99.11">Weighted Average Rate :</td>
<td style="width: 29.4068%; text-align: center;" title="Character Accurarcy=99.83">138.1979</td>
<td style="width: 166.607%; text-align: center;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.71">PURPOSE</td>
<td title="Character Accurarcy=99.82">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.87">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Raw Materials</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">1,530,260.33</td>
<td style="text-align: center;" title="Character Accurarcy=99.79">12,202,419.26</td>
</tr>
<tr>
<td title="Character Accurarcy=99.98">Machinery and Equipment</td>
<td style="text-align: center;" title="Character Accurarcy=99.85">2,341,914.36</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">7,377,814.72</td>
</tr>
<tr>
<td title="Character Accurarcy=99.69">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.93">1,009,904.53</td>
<td style="text-align: center;" title="Character Accurarcy=99.76">2,263,608.77</td>
</tr>
<tr>
<td title="Character Accurarcy=99.54">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.83">554,119.87</td>
<td style="text-align: center;" title="Character Accurarcy=99.72">2,334,215.44</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.92">724,837.25</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">3,565,969.42</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Electricity</td>
<td style="text-align: center;" title="Character Accurarcy=99.84">44,593.65</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">0.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">Pharmaceuticals and Chemicals</td>
<td style="text-align: center;" title="Character Accurarcy=99.96">278,587.70</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">1,410,974.56</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Paper and Packaging</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">140,942.87</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">1,027,268.29</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">TOTAL</td>
<td style="text-align: center;" title="Character Accurarcy=99.94">6,625,160.56</td>
<td style="text-align: center;" title="Character Accurarcy=99.85">30,182,270.46</td>
</tr>
<tr>
<td title="Character Accurarcy=99.85">GRAND TOTAL AWARDED</td>
<td style="text-align: center;" title="Character Accurarcy=99.83">36,807,431.02</td>
<td style="text-align: center;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<img decoding="async" src="https://pbs.twimg.com/media/FOdeXONXsAcZcai?format=jpg&amp;name=large"/>
<h2>More: Pindula News</h2>

RBZ Forex Auction 22 March 2022: Zimbabwe Dollar Continues To Fall

Beneficiaries of the Reserve Bank of Zimbabwe (RBZ)’s foreign currency exchange auction have bemoaned the delays by the central bank in disbursing allocated funds. 
This comes barely weeks after RBZ governor, Dr John Panonetsa Mangudya announced that the forex backlog of about US$200 million had been cleared. 
Confederation of Zimbabwe Industries (CZI) president, Kurai Matsheza Wednesday lamented over the protruding backlog which he said had exacerbated an already dire industrial machinery crisis.
The foreign currency auction system ran into problems about a year into existence last year, amid reports that the central bank was struggling to honour allocated funds.
However, the Reserve Bank of Zimbabwe (RBZ) said in the 2022 Monetary Policy Statement it would ensure settlement of auction bid allotments within a period of two weeks.
Speaking to NewsDay Zimbabwe, Matsheza said:
<blockquote>
Our members are currently sitting on some huge backlogs in terms of monies allocated at the auction. 
Businesses have got to survive and can’t wait for long to really bring in whatever, be it equipment or raw materials. Obviously the reserve bank has got to allocate what is available so that these backlogs do not grow.
</blockquote>
Matsheza added that the availability of foreign currency on the auction will have an influence on the market rate. 
The Zimbabwe dollar, is traded at about 250 per every United States dollar while the RBZ pegged it at US$1:$134
Matsheza says the status quo will inevitably continue as long as forex supply on the auction remains depressed.
As a result of the auction backlog, companies are turning to the parallel forex market to source foreign currency as seen by the increase in companies raising prices of goods and services in response to the parallel rate.
Matsheza’s remarks echo findings of a recent market review by the Zimbabwe Coalition on Debt and Development (ZIMCODD). 
The study observed that the continued decline of the Zimbabwe dollar on the black market entails high inflation “via the exchange rate pass-through effect.”
Zimcodd said this was one of the major drivers of inflation in Zimbabwe since 2019.
The auction was launched to stabilised the economy by curbing the runaway rate. However, Finance minister, Professor Mthuli Ncube recently said they were yet to establish a rate. 
More: NewsDay Zimbabwe

RBZ Forex Beneficiaries Bemoan Delays In Disbursement Of Allocated Funds

The governor of the Reserve Bank of Zimbabwe (RBZ), John Mangudya has issued a statement on foreign exchange auction allotments for February 2022 and foreign exchange for the period January to February 2022. In a statement, seen by Pindula News, Mangudya said 823 individuals/organisations benefited from US$120 143 752 that was alloted under the main auction in February. Said Mangudya:
<blockquote>
<h2>FOREIGN EXCHANGE AUCTION ALLOTMENTS FOR FEBRUARY 2022 AND FOREIGN EXCHANGE PAYMENTS FOR THE PERIOD JANUARY TO FEBRUARY 2022</h2>
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 823 beneficiaries of US$120 143 752 allotted under the Main Foreign Exchange Auction during the month of February 2022;
2. A list of the 1 897 beneficiaries of US$28 565 721 allotted under the SMEs Foreign Exchange Auction during the month of February 2022; and 
3. A schedule showing the total foreign exchange payments for the 2 months, by source, amounting to US$1 160 872 112 broken down as follows: –
(i) foreign currency accounts (US$925 999 087),
(ii) the Foreign Exchange Auction Allotments (US$218 351 521); and
(iii) the interbank market (US$16 521 504).
The bulk of the funds allotted at the auction during the month of February 2022 (64%) went towards payment for raw materials (US$54 354 527) and machinery and equipment (US$39 429 531), with the remaining 36% of the total allotments going towards payment for consumables (US$17 217 323), services (US$11 552 570), retail and distribution (US$15 366 912), pharmaceuticals and chemicals (US$6 743 499), packaging (US$3 840 155) and fuel, electricity and gas (US$204 956), as shown in the tables below.
The total foreign exchange auction allotments for January and February 2022 is US$218 351 521, bringing the cumulative allotments since inception of the Foreign Exchange Auction System to US$2 814 732 334.
John P Mangudya 
Governor
<h2>Download: <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/03/AUCTION-ALLOTMENTS-FOR-FEBRUARY-2022.pdf">AUCTION-ALLOTMENTS-FOR-FEBRUARY-2022</a></h2>
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

RBZ Forex Auction: Allotments And Payments For January And February 2022

The Financial Intelligence Unit (FIU) has imposed sanctions on over 200 local businesses for manipulating the foreign currency exchange rate through illicit black market currency trading and abusing the official foreign exchange auction.
The FIU, which is the Reserve Bank of Zimbabwe (RBZ)’s investigations arm, referred over 140 cases of alleged financial crimes relating to currency manipulation to law enforcement agencies for further investigations over the same period.
As of 06 March 2022, 82 cases of alleged breaches of financial regulations had been referred to the Criminal Investigations Department (Commercial Crimes Division), while six cases were handed over to the Central Intelligence Organisation Counter Terrorism Unit.
The Zimbabwe Anti-Corruption Commission (ZACC) is also investigating 11 other cases, while the Zimbabwe Revenue Authority is conducting further investigations into 41 cases referred to the taxman by the FIU.
A single case is with the RBZ’s Exchange Control Division.
Some of the businesses that were flagged by the FIU were the alleged top financiers behind black market foreign currency trading.
Other businesses were accessing forex through the RBZ Foreign Currency Auction before pegging prices of their goods and services using the black market exchange rates.
The response measures to arrest the blatant sabotage of the Zimbabwe Dollar have also witnessed the FIU freezing bank accounts belonging to dozens of businesses.
The central bank has also put banks with weak Know Your Customer systems on notice, with the threat of severe financial sanctions looming large.
KYC systems are standards designed to protect financial institutions against fraud, corruption, money laundering and terrorist financing.
In an interview with The Sunday Mail, FIU director-general Mr Oliver Chiperesa said the ongoing blitz was targeting illicit currency manipulation through local banking systems. He said:
<blockquote>
There are those companies that we have fined ourselves as the FIU using administrative sanctions, they were around 150 last year.
To date, there are now 206 companies fined by the FIU through administrative sanctions.
Then there are cases that we refer to law enforcement agencies, that is the ZRP, ZACC and ZIMRA and so on. We have so far referred 141 cases.
</blockquote>
He, however, said the prosecution of cases referred to law enforcement agencies was below par.
Mr Chiperesa said as a result of the FIU’s investigations, dozens of companies have been blacklisted from accessing the RBZ forex auction. He added that:
<blockquote>
<ul>
<li>Every week, companies are being disqualified from the auction for various forms of abuse.</li>
<li>Repeat offenders will be barred from accessing the auction altogether. </li>
<li>There are some banks that are submitting applications on behalf of their clients without doing enough due diligence.</li>
<li>RBZ has now come up with stiff penalties against banks who have lax Know Your Customer platforms (KYC) and who are found to have facilitated fraudulent applications to come through to the auction.</li>
<li>The FIU will not spare businesses that are pegging prices of their goods and services using the parallel market exchange rate while accessing foreign currency through the RBZ auction.</li>
</ul>
</blockquote>
Last month, the FIU ordered the freezing of bank accounts for four companies – Geribrian trading as Transervet, Powerspeed trading as Electrosales, Halsted and Enbee – citing suspicious activities related to money laundering activities.
A Chinese restaurant in Harare, Shangri-La, was also slapped with a US$30 000 fine for pegging prices way ahead of the official exchange rates last month. 
More: <a href="https://www.sundaymail.co.zw/currency-sabotage-350-nabbed">The Sunday Mail</a>

RBZ's FIU Sanctions, Blacklists Companies Manipulating Forex Exchange Rate

The Zimbabwe dollar has slipped against the US dollar at <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">the Reserve Bank of Zimbabwe (RBZ)</a> foreign currency (forex) auction conducted on Tuesday, 18 January 2021, to mark the resumption of the auction.
This week the weighted average was US$1: ZWL$112.8228 down from 14 December 2021’s rate that stood at US$1: ZWL$108.6660.
In total, US$30 866 275. 90 was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is down from the US$41.77 million allotted in December.
633 bids were received on the Small to Medium enterprises forex auction, with 492 accepted and 141 disqualified. The total number of bids allotted was 492.
<div class="google-auto-placed ap_container">
On the main forex auction, a total of 448 bids were received, 320 were accepted and 128 were disqualified. The total number of bids allotted was 320
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.
<table class="table table-bordered table-hover" id="table_2" style="width: 82.0418%; height: 31px;">
<tbody>
<tr>
<td style="width: 68.3588%;" title="Character Accurarcy=99.95">                                                                                       SMEFX71/2022</td>
<td style="width: 181.73%;" title="Character Accurarcy=99.67">MAIN FX77/2022</td>
</tr>
</tbody>
</table>
</div>
<table class="table table-bordered table-hover" id="table_2" style="width: 81.9213%;">
<tbody>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.58">Number of Bids Received :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.95">633</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=99.67">448</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=98.56">Number of Bids Disqualified :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.75">141</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=99.96">128</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.75">Total Number of Bids Accepted :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.95">492</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=99.96">320</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.78">Total Number of Bids Allotted :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.95">492</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=99.96">320</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.58">Total Value of Bids Accepted :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.61">USD5,186,494.80</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=99.19">USD25,679,781.10</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.36">Amount Allotted :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=98.71">USD5,186,494.80</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=98.24">USD25,679,781.10</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.6">Highest Rate Received :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.16">125.0000</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=99.31">126.0000</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.43">Lowest Bid Rate Received :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.11">100.0000</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=95.35">104.0000</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.47">Lowest Bid Rate Allotted :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.6">100.0000</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=98.21">104.0000</td>
</tr>
<tr>
<td style="width: 46.6135%;" title="Character Accurarcy=99.42">Weighted Average Rate :</td>
<td style="width: 24.9004%; text-align: center;" title="Character Accurarcy=99.65">112.8228</td>
<td style="width: 213.18%; text-align: center;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_1" style="width: 82.2355%;">
<tbody>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.83">PURPOSE</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.8">AMOUNT ALLOTTED SME AUCTION</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.9">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.95">Raw Materials</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.85">1,437,928.95</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.86">10,955,933.90</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.92">1,716,788.74</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.82">6,834,249.00</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.68">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.94">567,367.56</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.9">2,018,909.75</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.5">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.87">832,305.41</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.89">2,046,438.06</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.61">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.8">223,739.04</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.85">1,717,910.17</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.94">Electricity</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=97.9">–</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.62">50,251.21</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.73">Pharmaceuticals and Chemicals</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.87">224,790.62</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.88">1,601,054.05</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.94">Paper and Packaging</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.89">183,574.48</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.89">455,034.96</td>
</tr>
<tr>
<td style="width: 43.7696%;" title="Character Accurarcy=99.83">TOTAL</td>
<td style="width: 27.1204%; text-align: center;" title="Character Accurarcy=99.9">5,186,494.80</td>
<td style="width: 117.391%; text-align: center;" title="Character Accurarcy=99.81">25,679,781.10</td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_2" style="width: 82.3835%; height: 33px;">
<tbody>
<tr>
<td style="width: 42.7142%;" title="Character Accurarcy=99.95">GRAND TOTAL</td>
<td style="width: 184.069%; text-align: center;" title="Character Accurarcy=99.67">30 866 275.90</td>
</tr>
</tbody>
</table>

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The Zimbabwe Dollar Drops At The Resumption Of The RBZ Foreign Currency Auction

The Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya, has closed the foreign currency auction for the year 2021.
<a href="https://news.pindula.co.zw/2021/12/14/rbz-forex-auction-results-14-december-2021/">Tuesday’s Forex Auction</a> was last for the year, with the next auction scheduled for next year, 11 January 2022.
The Zimbabwe dollar has slightly firmed against the US dollar at <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">the Reserve Bank of Zimbabwe (RBZ)</a> foreign currency (forex) auction.
The closure of the Auction System is in line with the resolutions of the Monetary Policy Committee (MPC) meeting of 3 Dec 2021 and was in view of the forthcoming festive season.
According to data published by the RBZ after the forex auction conducted on Tuesday, 14 December 2021, this week, the weighted average was US$1: ZWL$108.6660 down from last week’s rate that stood at US$1: ZWL$108.6678.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

RBZ Forex Auction Closes For 2021, To Resume In January

The Reserve Bank of Zimbabwe has cleared the foreign currency allotments backlog on the foreign currency auction system.
This was revealed in a press statement outlining the Monetary Policy Committee (MPC) resolutions of the committee’s meeting held last Friday. 
The allotments backlog on the foreign currency auction system had built up over months.
The president of the Confederation of Zimbabwe Industries (CZI) Mr Farai Matsheza noted that though more refinements are required, the clearance of the backlog gives the industry a boost for their operations. He said:
<blockquote>
We applaud the Reserve Bank of Zimbabwe for a job well done as per their promise however we appeal for faster settlement in terms of the T plus 2 principles.
</blockquote>
Zimbabwe National Chamber of Commerce (ZNCC) president, Mr Manzungu said the development was a positive one. He said:
<blockquote>
Clearing the backlog is fundamentally key in addressing foreign currency shortages and this is a positive development.
</blockquote>
As of Tuesday, 7 December 2021, close to US$2 billion has been disbursed through the auction system, which has provided the industry with a huge momentum for growth. 
The Reserve Bank of Zimbabwe (RBZ) has roped in captains of industry into the foreign currency allocations committee to improve efficiency in allotments. 
More: <a href="https://www.zbcnews.co.zw/rbz-clears-forex-allotments-backlog/">ZBC News</a>

RBZ Clears Foreign Currency Allotments Backlog On The Forex Auction System

The Zimbabwe dollar continued on a downward trajectory after losing further ground against the US dollar at <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">the Reserve Bank of Zimbabwe (RBZ)</a> 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.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> 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.
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.26">Number of Bids Received :</td>
<td title="Character Accurarcy=99.81">
SMEFX64/2021
1334
</td>
<td title="Character Accurarcy=99.93">
MAIN FX70/2021
659
</td>
</tr>
<tr>
<td title="Character Accurarcy=97.29">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.97">67</td>
<td title="Character Accurarcy=99.44">51</td>
</tr>
<tr>
<td title="Character Accurarcy=98.97">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.65">1267</td>
<td title="Character Accurarcy=99.91">608</td>
</tr>
<tr>
<td title="Character Accurarcy=98.89">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.72">1253</td>
<td title="Character Accurarcy=99.96">605</td>
</tr>
<tr>
<td title="Character Accurarcy=99.12">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=74.56">USD10,192,606.45</td>
<td title="Character Accurarcy=95.3">USD36,223,877.51</td>
</tr>
<tr>
<td title="Character Accurarcy=98.45">Amount Allotted :</td>
<td title="Character Accurarcy=99.38">USD 10,182,138.13</td>
<td title="Character Accurarcy=97.17">USD36,205,839.71</td>
</tr>
<tr>
<td title="Character Accurarcy=99.27">Highest Rate Received :</td>
<td title="Character Accurarcy=87.16">120.000</td>
<td title="Character Accurarcy=99.34">120.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.25">Lowest Bid Rate Received :</td>
<td title="Character Accurarcy=93.89">95.0000</td>
<td title="Character Accurarcy=59.75">95,0000</td>
</tr>
<tr>
<td title="Character Accurarcy=98.96">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=96.73">96,0000</td>
<td title="Character Accurarcy=95.94">96,0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.19">Weighted Average Rate :</td>
<td title="Character Accurarcy=94.59">98.9821</td>
<td title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.86">PURPOSE</td>
<td title="Character Accurarcy=99.7">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.89">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Raw Materials</td>
<td title="Character Accurarcy=99.9">2,394,317.68</td>
<td title="Character Accurarcy=99.86">12,901,079.32</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">Machinery and Equipment</td>
<td title="Character Accurarcy=99.69">3,758,991.50</td>
<td title="Character Accurarcy=99.86">10,654,060.05</td>
</tr>
<tr>
<td title="Character Accurarcy=95.15">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.76">1,434,640.59</td>
<td title="Character Accurarcy=99.85">3,359,302.18</td>
</tr>
<tr>
<td title="Character Accurarcy=92.39">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.6">1,173,402.01</td>
<td title="Character Accurarcy=99.73">2,201,160.30</td>
</tr>
<tr>
<td title="Character Accurarcy=92.38">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.78">847,494.68</td>
<td title="Character Accurarcy=99.81">4,207,524.96</td>
</tr>
<tr>
<td title="Character Accurarcy=96.76">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.88">8,890.05</td>
<td title="Character Accurarcy=99.27">0</td>
</tr>
<tr>
<td title="Character Accurarcy=99.77">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.78">412,520.43</td>
<td title="Character Accurarcy=99.84">1,847,415.04</td>
</tr>
<tr>
<td title="Character Accurarcy=99.89">Paper and Packaging</td>
<td title="Character Accurarcy=99.74">151,881.19</td>
<td title="Character Accurarcy=99.84">1,035,297.86</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">TOTAL</td>
<td title="Character Accurarcy=99.85">10,182,138.13</td>
<td title="Character Accurarcy=99.75">36,205,839.71</td>
</tr>
<tr>
<td title="Character Accurarcy=99.91">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=99.83">46,387,977.84</td>
</tr>
</tbody>
</table>
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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 <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> foreign currency (forex) auction conducted on Tuesday, 26 October 2021.
Last week the weighted average was US$1: ZWL$93.0810 and fell to US$1: ZWL$97.1361  this week.
This week, US$9 million was allocated to the Small to Medium Enterprises forex auction while US$31.7 million was allocated to the main forex auction.
In total, US$40.7 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. This is down from the US$47.7 million allotted last week.
1336 bids were received on the Small to Medium enterprises forex auction, with 1282 accepted and 54 disqualified. The total number of bids allotted was 881.
On the main forex auction, a total of 598 bids were received, 568 were accepted while 30 were disqualified. The total number of bids allotted was 402.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> 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.
<table class="table table-bordered table-hover" id="table_2" style="width: 96.3362%;">
<tbody>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=96.97">Number of Bids Received :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=99.95">1336</td>
<td style="width: 84.0954%;" title="Character Accurarcy=99.98">598</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=99.88">Number of Bids Disqualified</td>
<td style="width: 26.0437%;" title="Character Accurarcy=99.94">54</td>
<td style="width: 84.0954%;" title="Character Accurarcy=99.95">30</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=98.37">Total Number of Bids Accepted :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=99.94">1282</td>
<td style="width: 84.0954%;" title="Character Accurarcy=99.99">568</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=99.61">Total Number of Bids Allotted :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=99.89">881</td>
<td style="width: 84.0954%;" title="Character Accurarcy=99.97">402</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=99.58">Total Value of Bids Accepted :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=97.87">USD11,327,283.03</td>
<td style="width: 84.0954%;" title="Character Accurarcy=98.58">JSD39,942,897.13</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=98.43">Amount Allotted :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=94.6">USD 9,047,262.59</td>
<td style="width: 84.0954%;" title="Character Accurarcy=98.74">USD31,710,331.10</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=99.34">Highest Rate Received :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=97.24">110.000</td>
<td style="width: 84.0954%;" title="Character Accurarcy=99.06">115.0000</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=99.36">Lowest Bid Rate Received :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=99.55">90.0000</td>
<td style="width: 84.0954%;" title="Character Accurarcy=99.38">90.0000</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=99.32">Lowest Bid Rate Allotted :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=98.06">95.0000</td>
<td style="width: 84.0954%;" title="Character Accurarcy=97.97">95.0000</td>
</tr>
<tr>
<td style="width: 45.9245%;" title="Character Accurarcy=99.35">Weighted Average Rate :</td>
<td style="width: 26.0437%;" title="Character Accurarcy=99.87">97.1361</td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_1" style="width: 100%; height: 286px;">
<tbody>
<tr style="height: 44px;">
<td style="height: 44px;" title="Character Accurarcy=99.87">PURPOSE</td>
<td style="height: 44px;" title="Character Accurarcy=98.94">AMOUNT ALLOTTED SME AUCTION</td>
<td style="height: 44px;" title="Character Accurarcy=99.91">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.94">Raw Materials</td>
<td style="height: 22px;" title="Character Accurarcy=99.45">2,641,419.91</td>
<td style="height: 22px;" title="Character Accurarcy=99.81">13,995,057.72</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.95">Machinery and Equipment</td>
<td style="height: 22px;" title="Character Accurarcy=99.39">2,938,244.92</td>
<td style="height: 22px;" title="Character Accurarcy=96.7">8,412,238.04</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=82.73">Consumables (Incl. Spares. Tyres, Electricals, etc)</td>
<td style="height: 22px;" title="Character Accurarcy=99.73">1,334,586.82</td>
<td style="height: 22px;" title="Character Accurarcy=99.72">2,993,185.24</td>
</tr>
<tr style="height: 44px;">
<td style="height: 44px;" title="Character Accurarcy=95.77">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td style="height: 44px;" title="Character Accurarcy=99.9">736,398.20</td>
<td style="height: 44px;" title="Character Accurarcy=99.7">1,302,000.75</td>
</tr>
<tr style="height: 44px;">
<td style="height: 44px;" title="Character Accurarcy=99.37">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td style="height: 44px;" title="Character Accurarcy=99.28">912,835.62</td>
<td style="height: 44px;" title="Character Accurarcy=99.63">2,617,756.14</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.33">Fuel, Electricity and Gas</td>
<td style="height: 22px;" title="Character Accurarcy=95.31">–</td>
<td style="height: 22px;" title="Character Accurarcy=94.66">–</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.67">Pharmaceuticals and Chemicals</td>
<td style="height: 22px;" title="Character Accurarcy=99.89">331,653.20</td>
<td style="height: 22px;" title="Character Accurarcy=99.86">1,568,495.54</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.88">Paper and Packaging</td>
<td style="height: 22px;" title="Character Accurarcy=99.68">152,123.92</td>
<td style="height: 22px;" title="Character Accurarcy=99.86">821,597.67</td>
</tr>
<tr style="height: 22px;">
<td style="height: 22px;" title="Character Accurarcy=99.52">TOTAL</td>
<td style="height: 22px;" title="Character Accurarcy=99.92">9,047,262.59</td>
<td style="height: 22px;" title="Character Accurarcy=99.85">31,710,331.10</td>
</tr>
</tbody>
</table>
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RBZ Forex Auction 26/10/2021: Zimbabwe Dollar In Sharp Decline Against USD

<div class="row justify-content-center">
The Zimbabwe dollar has lost further ground against the US dollar as indicated by the results of the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 12 October 2021.
Last week the weighted average was US$1: ZWL$88.5532 and fell to US$1: ZWL$90.0792  this week.
This week, US$8 million was allocated to the Small to Medium Enterprises forex auction while US$28.4 million was allocated to the main forex auction.
In total, US$36.3 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
1256 bids were received on the Small to Medium enterprises forex auction, with 1 196 accepted and 60 disqualified.
On the main forex auction, a total of 519 bids were received, 488 were accepted while 31 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> 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.
<table class="table table-bordered table-hover" id="table_2" style="width: 83.604%; height: 360px;">
<tbody>
<tr>
<td title="Character Accurarcy=99.75">Number of Bids Received :</td>
<td title="Character Accurarcy=99.97">
SMEFX61/2021
1256
</td>
<td title="Character Accurarcy=99.9">
MAIN FX67/2021
519
</td>
</tr>
<tr>
<td title="Character Accurarcy=99.7">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.95">60</td>
<td title="Character Accurarcy=99.95">31</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=98.05">1 196</td>
<td title="Character Accurarcy=99.87">488</td>
</tr>
<tr>
<td title="Character Accurarcy=99.78">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.95">759</td>
<td title="Character Accurarcy=99.92">357</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=99.04">USD9,365,574.40</td>
<td title="Character Accurarcy=99.04">USD32,826,554.76</td>
</tr>
<tr>
<td title="Character Accurarcy=98.64">Amount Allotted :</td>
<td title="Character Accurarcy=98.91">USD7,978,938.75</td>
<td title="Character Accurarcy=97.54">USD28,395,244.38</td>
</tr>
<tr>
<td title="Character Accurarcy=99.14">Highest Rate Received :</td>
<td title="Character Accurarcy=96.99">100.0000</td>
<td title="Character Accurarcy=98.62">95.1600</td>
</tr>
<tr>
<td title="Character Accurarcy=99.28">Lowest Bid Rate Received :</td>
<td title="Character Accurarcy=95.07">85.0000</td>
<td title="Character Accurarcy=95.75">85.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.27">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=97.57">88.5000</td>
<td title="Character Accurarcy=97.91">88.5000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.47">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.39">90.0792</td>
<td title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
</div>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.66">PURPOSE</td>
<td title="Character Accurarcy=99.83">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.87">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.86">Raw Materials</td>
<td title="Character Accurarcy=99.83">2,428,873.54</td>
<td title="Character Accurarcy=99.48">11,010,262.22</td>
</tr>
<tr>
<td title="Character Accurarcy=99.95">Machinery and Equipment</td>
<td title="Character Accurarcy=99.84">2,482,427.55</td>
<td title="Character Accurarcy=99.8">7,822,826.32</td>
</tr>
<tr>
<td title="Character Accurarcy=99.33">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.9">1,215,781.53</td>
<td title="Character Accurarcy=99.62">3,010,781.10</td>
</tr>
<tr>
<td title="Character Accurarcy=99.16">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.63">608,013.90</td>
<td title="Character Accurarcy=99.87">980,656.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.5">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.74">666,473.29</td>
<td title="Character Accurarcy=99.74">3,286,166.59</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.65">19,910.71</td>
<td title="Character Accurarcy=99.78">0.00</td>
</tr>
<tr>
<td title="Character Accurarcy=99.48">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.84">368,996.62</td>
<td title="Character Accurarcy=99.89">1,139,496.66</td>
</tr>
<tr>
<td title="Character Accurarcy=99.76">Paper and Packaging</td>
<td title="Character Accurarcy=99.9">188,461.61</td>
<td title="Character Accurarcy=99.82">1,145,055.49</td>
</tr>
<tr>
<td title="Character Accurarcy=99.65">TOTAL</td>
<td title="Character Accurarcy=99.88">7,978,938.75</td>
<td title="Character Accurarcy=99.7">28,395,244.38</td>
</tr>
<tr>
<td title="Character Accurarcy=99.74">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=99.77">36,374,183.13</td>
</tr>
</tbody>
</table>
 
</div>
<img alt="" class="media-img" data-maxheight="688" data-maxwidth="487" decoding="async" src="https://pbs.twimg.com/media/FBgiUEvXsAQwfLn?format=jpg&amp;name=large"/>
 
More: Pindula News

RBZ Forex Auction 12/10/2021: Zimbabwe Dollar Sheds Value Against USD

The Zimbabwe Republic Police (ZRP) has advised members of the public that its auction will accept payments using the Reserve Bank of Zimbabwe (RBZ) official rate. 
In an earlier notice, ZRP had indicated that it will be using an exchange rate that is above the one declared by the RBZ. Read part of the notice:
<blockquote>
Conditions of Sale 
• Deposit: ZWL500 000.00 or $3 000 USD for vehicles 
• Deposit: ZWL350 000.00 or $2 000 USD for other items 
• Deposit is refundable Wall sale conditions are met. 
• Entry is strictly to catalogue holders only, at ZWL1 600.00 OR $10 USD per head. 
• Payment strictly Cash/Swipe/RTGS at the conclusion of the sale 
• All COV1D 19 regulations to be observed. 
• No Mask No Entry, Temperature Screening and Social Distancing on Viewing and Sale DA)
</blockquote>
<img alt="Image" class="css-9pa8cd" decoding="async" draggable="true" src="https://pbs.twimg.com/media/FBF67rfXIAAKTrY?format=jpg&amp;name=medium"/>
The notice was circulated on social media by ZimLive forcing the ZRP to respond. Said ZRP:
<blockquote>
The ZRP advises the public that it has taken note of the message posted on @zimlive on the pending auction of boarded and accident-damaged vehicles by JEFFM Auction who won the bid. 
Please take note that JEFFM Auction management has been directed by the ZRP Command to accept payments using the RBZ official rate. Potential buyers are accordingly informed. We thank the public and the media for raising concern over the issue.
</blockquote>
The government has in the recent past issued a cocktail of measures to curb illegal forex dealings.
It also threatened action against individuals and or companies that were not using the RBZ exchange rate.
More: <a href="https://news.pindula.co.zw">Pindula News</a>

Police Backtrack On Using Parallel Market Rate At Auction

The government has announced additional measures meant to curb illegal foreign currency dealings and the rising parallel market rate. Pindula News presents the statement by the minister of Finance and Economic Development, Professor Mthuli Ncube, that details the measures. 

<blockquote>
<h2>PUBLIC ADVISORY NOTE ON MEASURES BEING INSTITUTED BY GOVERNMENT TO CURB ILLEGAL FOREIGN CURRENCY DEALINGS AND PARALLEL MARKET PRICE BENCHMARKING </h2>
<h2>BACKGROUND </h2>
1. Government, through various agencies is presently seized with instituting various measures to curb illegal trade in foreign currency and its associated twin evil; that of parallel market benchmarking or indexation of prices of goods and services at parallel market exchange rates. 
2. The recent resurgence of these practices, which have been identified as significant contributors to price instability in the economy and are imposing significant downside risks to macro-economic stability, and the erosion of domestic and international competitiveness is, therefore, a cause for serious concern. 
3. Over the past 36 months, the government has instituted numerous initiatives to bring macro-economic stability. These include fiscal consolidation which has resulted in balanced budget performance and the elimination of destabilising fiscal deficits despite major economic shocks such as the 2019-20 droughts, cyclone Idai and the ongoing threat of the Covid-19 pandemic. 
4. Furthermore, the restoration of domestic and export competitiveness through the re-introduction of the Zimbabwe dollar, has seen rapid gains being made in stabilising the current account, which has also been boosted by increased international remittances, enhanced export performance and notable import substitution effects. 
5. These development have also seen the rapid growth of privately-held foreign currency reserves from levels of around USS300 million in 2018, to US$1.8 billion currently held in Zimbabwean banks. Official reserves have also increased from less than US$100 million to over US$1.2 billion currently, which includes, the USS960 million recently availed by the IMF to Zimbabwe. 
6. In the intervening period, government has also improved access to foreign currency by all bona fide businesses and individuals through the auction system. 
7. However, a residual core foreign currency demand, fuelled mainly by speculative, and store of value demand for currency on one hand as well as criminal and money laundering activities on the other, has perpetuated and sustained the parallel market for foreign currency. 
8. The result has been that despite large and small corporates, SMEs and individuals having access to the RBZ auction system, the existence of the parallel market has provided an opportunity for price benchmarking at parallel market rates notwithstanding the fact that some of the businesses are accessing their full requirements for foreign exchange via the official channels. These practices were the intended targets of S1127. 
<h2>ADDITIONAL MEASURES TO CURB ILLEGAL FOREIGN CURRENCY DEALINGS AND PARALLEL MARKET PRICE BENCHMARKING </h2>
Recently, the central bank, working closely with the FIU have begun a process of identifying and prosecuting perpetrators of parallel market activities. 
The initiatives by the central bank have full government support and my ministry will further strengthen the efforts as follows:- 
1. The Zimbabwe Revenue Authority will be carrying out impromptu audits of corporate activities with a view of quantifying potential tax liabilities arising out of illegal foreign currency trading. 
2. The Zimbabwe Revenue Authority will also be carrying out compliance Audits with respect to compliance with the Location Tax introduced during the 2021 fiscal year. 
3. The FIU will continue to closely monitor and analyse financial transactions to identify, expose and take action against perpetrators of money laundering and other financial crime. 
4. The capacity of the FIU and other law enforcement agencies to investigate and prosecute violations of the Bank Use Promotion Act, as well as various AMLCFT laws, will be enhanced. 
5. Regulatory bodies including the Public Accountants and Auditors Board, will also be working on a framework to impose appropriate financial and professional sanctions on members of the accounting, auditing and other professions who may be complicit in superintending over illicit affairs by corporate entities which they are charged with running. 
6. Business who disregard the law and continue price their goods on the parallel market rates will have their licenses suspended. 
7. Members of the public are also strongly encouraged to report to the FIU and the National Economic Conduct Inspectorate, all business entities directly or indirectly benchmarking prices at parallel market exchange rates. 
This advisory note is issued in the public interest. 
</blockquote>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

Government Announces Additional Measures To Curb Illegal Forex Dealings

The Reserve Bank of Zimbabwe (RBZ) has said it is investigating allegations that Bakers Inn, a subsidiary of Simbisa Brands, is selling products using a rate of ZWL$200: USD1. 
This week the exchange rate was pegged at US$1:$87.67 at the RBZ’s weekly official forex auction compared while the rate on the parallel market is reportedly as high as US$1: ZWL$150. 

<a href="https://zimpricecheck.com/news/simbisa-allegedly-using-a-rate-of-200-zwl-rbz-say-they-are-investigating/"> ZimPriceCheck says</a> most shops try to stay ahead of the black market rate in case it rises. 
It’s not clear whether a receipt purported to be of Simbisa Brands’s Zvishavane Bakers Inn branch is genuine or not. Below are copies of the receipts allegedly issued by Bakers Inn.
<img alt="" class="wp-image-12418 lazyautosizes lazyloaded" data-orig-sizes="(max-width: 718px) 100vw, 718px" data-orig-src="https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate.jpeg" data-sizes="auto" data-srcset="https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-200x140.jpeg 200w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-300x209.jpeg 300w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-400x279.jpeg 400w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-500x349.jpeg 500w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-600x419.jpeg 600w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate.jpeg 718w" decoding="async" height="501" loading="lazy" sizes="718px" src="https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate.jpeg" srcset="https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-200x140.jpeg 200w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-300x209.jpeg 300w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-400x279.jpeg 400w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-500x349.jpeg 500w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate-600x419.jpeg 600w, https://zimpricecheck.com/wp-content/uploads/2021/10/simbisa_brands_rate.jpeg 718w" width="718"/>
RBZ said in a Twitter post this Thursday:
<blockquote>
The Financial Intelligence Unit is investigating allegations of currency manipulation and pegging of the ZW$ at 200 to 1 USD circulating on social media. Perpetrators shall be brought to book.
Thx Zim for exposing the rot.
</blockquote>
This comes after an economist, Nathan Gurira, has claimed that the <a href="https://news.pindula.co.zw/2021/10/03/offenders-driving-parallel-market-rates-are-big-companies-economist/">offenders who are driving parallel market rates are mainly big companies.</a> 
Gurira said efforts by the Reserve Bank of Zimbabwe (RBZ) to uproot widespread misconduct in the economy may not be effective if other institutions are not vocal about the mischief. 
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Investigating Bakers Inn For "Pegging Zimbabwe Dollar At ZWL$200: US$1"

The Confederation of Zimbabwe Industries (CZI) says the parallel market exchange rate in the economy is becoming a big threat to exporting businesses as it eats into the viability of exports. 
This week the exchange rate was pegged at US$1:$87.67 at the weekly official forex auction compared to margins of as high as US$1:$150 on the parallel market. 

The introduction of the Dutch Foreign Exchange System in June 2020 by the Reserve Bank of Zimbabwe (RBZ) had suppressed the parallel market. 
In its recently released Business and Economic Intelligence Report for the second quarter and half year, CZI said its members were being negatively affected by the huge parallel market premium. Said CZI: 

<blockquote>
The parallel market premium, which has since risen to about 63 percent, is considered a tax by exporting businesses, as they offload the surrender portion of their export earnings at the auction exchange rate while they conduct their business in a cost environment determined by mixed rates depending on where their suppliers of goods and services are sourcing forex.
The best-case scenario being that they are charged at a blended rate of the auction and parallel market and worst-case scenario being the application of the parallel market rate.
Thus, the huge parallel market premium is dampening the motivation for exporting business as it eats into the viability of exports.
</blockquote>
The rise of the parallel market rate is attributed to the foreign currency backlog at the RBZ saying it forced businesses to buy forex on the black market. 
CZI says the backlog threatens to erode the confidence, which industry had managed to build with the foreign suppliers over the past months.
<a href="https://news.pindula.co.zw/2021/10/01/rbz-were-on-course-to-clear-auction-forex-backlog/">The RBZ has pledged to clear the nearly US$200 million backlog</a> by end of September and last week, the Treasury revealed that US$70 million had already been released to clear the gap. 
More: <a href="https://www.herald.co.zw/huge-parallel-market-premium-threatening-exports/">The Herald</a>

Parallel Market Rate Threaten Exporting Businesses - CZI

Economist Tinashe Murapata has posted a series of messages saying the business community was naive in accepting the Reserve Bank of Zimbabwe’s foreign auction system. Zimbabwe adopted the Dutch Foreign Exchange System in June 2020 to present a platform for businesses to access foreign currency at an RBZ set exchange rate in a move that was meant to stabilise the parallel market rate. The rate stabilised for months but it seems the black market rate is rising again with some attributing the rise to the forex backlog is pushing businesses to the black market. Pindula News presents Tinashe’s Twitter thread.

<blockquote>
The cause of the black market rate rising 
It is patently obvious that the president &amp; possibly his Vice have acted on false information. Their actions make the situation worse. Everyone has been afraid to tell the truth about the auction &amp; it’s core problem
When the auction was introduced it was done so based on borrowed money from Afreximbank. Which money added to the Afreximbank loan of US$1.5bn. We haven’t been able to pay back &amp; the loans accrue an interest rate of over 10% p.a
Business was naive in accepting the auction system based on false &amp; faulty premise. (1) RBZ is a regulator &amp; holds monopoly of printing ZWL. There is an obvious moral hazard if it has the mandate to ration currency. (2) Exporters money was being expropriated.
How then can the Auction be a market when there is no voluntary exchange between buyers &amp; sellers? When scarce resources fund consumption &amp; not investment?
The MOF narrative of surplus was another obvious political offside statement. I suppose MOF was keen on proving prudence. But what had just happened was that the problem was moved from MOF to RBZ quasi fiscal activities.
But what did MOF expect cabinet &amp; the president to do, knowing there is a surplus? What any politician would do. Spend. The program was to spend on Command activities from Agriculture to Zupco &amp; roads etc. newspapers were awash with stories of how instead of FDI, Zim would use local contractors. The “surplus” providing a handy excuse. But keen analysts pointed out the folly of a surplus when inflation was above 800%. Further the 2% tax was introduced to payback TB’s &amp; not to become adventurous.
The RBZ then stopped publishing its monthly publication. At one time it was six months behind. This was very intentional; (1) Keep financial system in the dark (2) Keep keen analysts in the dark (3) Propaganda of falling inflation in the absence of data.
Bank and financial sector economists spend sleepless nights building models &amp; updating them based on the monthly data. They make assumptions &amp; for example derive a yield curve. This information feeds treasury &amp; lending activities.
For example, if the Net Domestic Assets grow from 1 to 10, the next question is where the growth is coming from. In Zim its coming from RBZ credit boom. Ie RBZ on balance sheet loans &amp; exchange rate loses. And not private sector credit. RBZ or GOZ does not produce
RBZ negative equity must then, at some point be monetized. Meaning either the MOF takes the loses as TB’s. As what happened under the debt assumption bill. OR RBZ prints money, (increase in money supply) to balance its books.
What then should the financial sector do? Given these facts? While the public may not understand these numbers they know enough to switch from ZWL to Dollars. The National Mattress Bank has seen a huge increase in deposits
After fifteen months of Auction, noone has volunteered &amp; sold their FX on the auction. US$2bn of remittances is expected this year. None of it is presented to the auction. Ps. Gono’s auction lasted 22 months
Secondly when the black market rate got to 170, it threatened export viability. For every $1 of export the exporter is now getting 80c ( after surrendering 40% at auction). Very few exporters can sustain &amp; be viable when they lose 20% of value. That’s their margin.
What I have endevoured to do is show that the fundamentals are wrong! There is a big hole at the RBZ and the SDR’s won’t help. The backlog of 12weeks is close to $30bn ZWL. The RBZ is holding this money. Imagine if this money was in the market?
How, then, is a forex dealer manipulating the market? The RBZ &amp; MOF have total control over the auction. Are they going to be arrested? Does the magistrate or Judge change their money at the auction? Or insist on buying their favourite fruits from the street vendor at 86?
By arresting market trades the consequences will be the following; (1) Market will prefer trading in dollars and not ZWL. Dollarisation (2) GOZ must print more to chase after the scarce dollars.
Let me tie it together. By claiming that everything is hunky dory, the RBZ &amp; MOF gave the politician the means to be aggressive in spending. Unfortunately roads require years to finish. So Treasury releases ZWL onto the market.
While certain creditors are understanding, many others require their loans to be serviced. The President has come out &amp; confirmed he had to intervene so that the Chinese could continue working. Clearly token payments had to be made. But there is a 12 week backlog?
It’s important we get the fundamentals right. It’s important Cabinet goes beyond RBZ &amp; MOF to hear other commentary. Parliament has proved useless &amp; ineffective. It’s frankly a waste of tax payers resources.
Arresting market participants is a clear market signal that the government has failed. US$2bn refuses to go onto the auction. It feeds 15m people. Government callous actions of prohibiting trade frightens people.
We shall see more foodstuff rather than cash from SA. Grocery Stores, schools , pharmaceuticals will start preferring offshore payments in exchange for goods in Zim. This will reduce dollar supply &amp; depreciate ZWL further.
It was actually beneficial to GOZ to have remittances and aid as money in the economy. It actually props up the ZWL. And buys local goods. Arresting market players will result the market finding alternatives that actually hurt the economy further. Ask Gideon Gono
It’s extremely worrisome that business and Labour have not come out strongly condemning the arrests and witch-hunt. Yet, it’s business and labour that will suffer the most. It’s only a matter of time before they’re arrested too.
</blockquote>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

Businesses Were Naive To Accept RBZ's Forex Auction System -Full Thread

The Reserve Bank of Zimbabwe (RBZ) has said it is on the course of clearing the backlog of foreign exchange auction allotments. The central bank is said to have a backlog is approximately US$200 million. The Permanent Secretary in the Ministry of Finance and Economic Development, George Guvamatanga, in August assured the market that <a href="https://news.pindula.co.zw/2021/08/09/forex-backlog-to-be-cleared-in-45-days-govt/">“within the next 30 to 45 days we will clear the backlog that is there in the auction system.”</a> Pindula News presents a statement by the RBZ on the clearance of the backlog. 
<blockquote>
<h2>CLEARANCE OF BACKLOG OF FOREIGN EXCHANGE AUCTION ALLOTMENTS AND FURTHER TIGHTENING OF MONEY SUPPLY</h2>
The Bank wishes to advise the public that it is on course to clear the backlog of foreign exchange auction allotments, in line with the Monetary Policy Committee (MPC) Resolutions. The remaining backlog, which is also attributable to malpractices by certain entities that were sponsoring multiple bids under the auction system, is substantially in respect of foreign exchange allotments to secondary users of foreign exchange under the Main Auction. All allotments under the SMEs Auction are up to date. 
Going forward, all auction allotments will be paid within two weeks from the auction date. Thus, the Main Auction allotments for Auction 64 of Tuesday, 21 September 2021 will be fully paid by Monday, 4 October 2021. The Bank has ring-fenced the auction allotments backlog which it will continue to expunge separately from current allotments. 
In order to further tighten money supply in view of recent developments on inflation, the Bank has introduced special exchange rate-linked corporate open market operations bills for the purposes of directly dealing with the growth of money supply in the economy. These bills will be targeted at corporates with huge local currency balances or those receiving huge payments in local currency, as some of these funds are being used to destabilise the foreign exchange market. This measure is to support the stability of the foreign exchange market, in line with the MPC Resolutions of 27 August 2021. 
</blockquote>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ: We're On Course To Clear Auction Forex Backlog

Vice President Constantino Chiwenga has warned illegal foreign currency dealers saying the long arm of the law would soon catch up with them.
Chiwenga, who is also the Minister of Health and Child Care, issued the warning while officially opening the Zimbabwe International Trade Fair (ZITF) International Business Conference last week.
He said indiscipline on the parallel market continued to disrupt efforts being made by the monetary authorities to revive and grow the economy. He said:
<blockquote>
Inflation has been on the decline with the year-on-year rate falling to 56 per cent and forecast to be much lower by year-end. This is underpinned by a strong macro-economic framework and close coordination between the fiscal and monetary authorities as demonstrated by the sustained fiscal discipline and tight monetary conditions.
Furthermore, the operationalisation of the foreign currency auction system has set us firmly on the path to price and exchange rate stability, the drawback which we continued to face is indiscipline on the parallel market which continued to stir up negative expectations that undermined the impressive efforts by the monetary authorities.
I wish to warn the perpetrators of this heinous crime that the long arm of the law will soon catch up with them so those who are practising it be warned.
</blockquote>
Zimbabwe adopted the Dutch Foreign Exchange System in June 2020 to allow businesses to access foreign currency at an Reserve Bank of Zimbabwe (RBZ) set exchange rate in a move that was meant to stabilise the parallel market rate. 
The rate has since then been somewhat stable as it has been hovering around US$1: ZWL$85 rate for months. 
Delays in paying allorted forex has, however, forced some to go to the parallel market. The RBZ has a backlog of about US$2 million. 

More: <a href="https://www.bmetro.co.zw/latest-vp-chiwenga-fires-warning-shots-at-illegal-foreign-currency-dealers/">B-Metro</a>

VP Chiwenga Warns Illegal Foreign Currency Dealers

The Zimbabwe dollar further weakened against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday 20 June 2021.
Last week the weighted average was US$1: ZWL$85.5099, falling to US$1: ZWL$85.6372 this week.
This week, US$8.7 million was allocated to the Small to Medium Enterprises forex auction while US$37.3 million was allocated to the main forex auction.
In total, US$46 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

<ul>
<li><a href="https://news.pindula.co.zw/2021/07/06/rbz-forex-auction-results-06-july-2021/" rel="bookmark" title="RBZ Forex Auction Results – 06 July 2021">RBZ Forex Auction Results – 06 July 2021<abbr title="5.000000 is the YARPP match score between the current entry and this related entry. You are seeing this value because you are logged in to WordPress as an administrator. It is not shown to regular visitors."></abbr></a></li>
<li><a href="https://news.pindula.co.zw/2021/03/30/zimbabwe-dollar-loses-further-ground-against-the-us-dollar/" rel="bookmark" title="Zimbabwe Dollar Loses Further Ground Against The US Dollar">Zimbabwe Dollar Loses Further Ground Against The US Dollar<abbr title="4.000000 is the YARPP match score between the current entry and this related entry. You are seeing this value because you are logged in to WordPress as an administrator. It is not shown to regular visitors."></abbr></a></li>
<li><a href="https://news.pindula.co.zw/2021/04/20/rbz-forex-auction-zimbabwe-dollar-firms-against-usd/" rel="bookmark" title="RBZ Forex Auction: Zimbabwe Dollar Firms Against USD">RBZ Forex Auction: Zimbabwe Dollar Firms Against USD</a></li>
</ul>
588 bids were received on the Small to Medium enterprises forex auction, with 544 accepted and 44 disqualified.
On the main forex auction, a total of 402 bids were received, 370 were accepted while 32 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> 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.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said. Below is the RBZ summary of the forex auction:
<table class="table table-bordered table-hover" id="table_2" style="height: 29px;" width="494">
<tbody>
<tr>
<td title="Character Accurarcy=99.71"></td>
<td title="Character Accurarcy=99.89">SMEFX47/2021</td>
<td title="Character Accurarcy=99.86">MAIN FX53/2021</td>
</tr>
</tbody>
</table>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.48">Number of Bids Received :</td>
<td title="Character Accurarcy=99.97">588</td>
<td title="Character Accurarcy=99.93">402</td>
</tr>
<tr>
<td title="Character Accurarcy=99.17">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.73">44</td>
<td title="Character Accurarcy=99.91">32</td>
</tr>
<tr>
<td title="Character Accurarcy=99.78">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.93">544</td>
<td title="Character Accurarcy=99.9">370</td>
</tr>
<tr>
<td title="Character Accurarcy=99.48">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.95">544</td>
<td title="Character Accurarcy=99.89">370</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=55.17">USD8,733,042.62</td>
<td title="Character Accurarcy=96.87">USD37,295,634.31</td>
</tr>
<tr>
<td title="Character Accurarcy=98.51">Amount Allotted :</td>
<td title="Character Accurarcy=98.08">USD8,733,042.62</td>
<td title="Character Accurarcy=97.13">USD37,295,634.31</td>
</tr>
<tr>
<td title="Character Accurarcy=99.4">Highest Rate Received :</td>
<td title="Character Accurarcy=97.99">90.0000</td>
<td title="Character Accurarcy=97.09">90.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.6">Lowest Bid Rate Received :</td>
<td title="Character Accurarcy=96.83">82.0000</td>
<td title="Character Accurarcy=98.58">82.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.53">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=98.62">82.0000</td>
<td title="Character Accurarcy=98.3">82.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.79">85.6373</td>
<td title="Character Accurarcy=0"></td>
</tr>
</tbody>
</table>
</div>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.7">PURPOSE</td>
<td title="Character Accurarcy=99.81">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.87">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Raw Materials</td>
<td title="Character Accurarcy=99.84">2,027,591.73</td>
<td title="Character Accurarcy=99.81">15,100,167.36</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.71">2,014,127.79</td>
<td title="Character Accurarcy=99.91">9,539,708.98</td>
</tr>
<tr>
<td title="Character Accurarcy=99.59">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.91">1,984,305.33</td>
<td title="Character Accurarcy=99.39">3,104,800.09</td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.88">606,061.45</td>
<td title="Character Accurarcy=99.8">911,998.04</td>
</tr>
<tr>
<td title="Character Accurarcy=99.77">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.67">968,244.79</td>
<td title="Character Accurarcy=99.91">3,713,743.57</td>
</tr>
<tr>
<td title="Character Accurarcy=99.89">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.82">278,492.74</td>
<td title="Character Accurarcy=99.93">1,748,127.88</td>
</tr>
<tr>
<td title="Character Accurarcy=99.7">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.84">563,690.77</td>
<td title="Character Accurarcy=99.84">2,449,332.18</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Paper and Packaging</td>
<td title="Character Accurarcy=99.88">290,528.02</td>
<td title="Character Accurarcy=99.89">727,756.21</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">TOTAL</td>
<td title="Character Accurarcy=99.66">8,733,042.62</td>
<td title="Character Accurarcy=99.77">37,295,634.31</td>
</tr>
<tr>
<td title="Character Accurarcy=99.86">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"></td>
<td title="Character Accurarcy=99.8">46,028,676.93</td>
</tr>
</tbody>
</table>
</div>
<div class="row justify-content-center"></div>
<img alt="Image" class="css-9pa8cd" decoding="async" draggable="true" src="https://pbs.twimg.com/media/E6vvr5cWYAY8t9M?format=jpg&amp;name=medium"/>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Foreign Currency Auction Results: 20/07/2021

The Zimbabwe dollar further dropped against the United States Dollar (USD) when the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> conducted a foreign currency (forex) auction on Tuesday 29 June 2021.
Results from the <a href="https://www.pindula.co.zw/Foreign_Exchange_Auction_System">RBZ forex auction</a> show that the weighted average fell slightly from US$1: ZWL$85.3664 last week to US$1: ZWL$85.4234 this week.
<ol>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/22/rbz-foreign-currency-auction-zimbabwe-dollar-continues-on-downward-trend/">RBZ Foreign Currency Auction: Zimbabwe Dollar Continues On Downward Trend -22 June 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/10/forex-auction-zimbabwe-dollar-sheds-value-against-usd/">Forex Auction: Zimbabwe Dollar Sheds Value Against USD – 8 June 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/01/forex-auction-results-rate-remains-fixed-at-just-under-zwl85/">Fo</a><a href="https://news.pindula.co.zw/2021/06/01/forex-auction-results-rate-remains-fixed-at-just-under-zwl85/">rex Auction Results: Rate Remains Fixed At Just Under ZWL$85 – 1 June</a></li>
<li><a href="https://news.pindula.co.zw/2021/06/05/drc-ambassador-listed-as-rbz-foreign-currency-auction-beneficiary/">DRC Ambassador Listed As Top Beneficiary Of RBZ Foreign Currency Auction</a></li>
<li><a href="https://news.pindula.co.zw/2021/05/18/rbz-forex-auction-zimbabwe-dollar-continues-on-downward-trend-against-usd/">RBZ Forex Auction: Zimbabwe Dollar Weaken Further Against USD – 18 May</a></li>
<li><a href="https://news.pindula.co.zw/2021/05/12/pdf-rbz-list-of-forex-auction-system-beneficiaries/">PDF: RBZ List Of Forex Auction System Beneficiaries</a></li>
<li><a href="https://news.pindula.co.zw/2021/05/05/rbz-forex-auction-zimbabwe-dollar-drops-against-usd-2/">RBZ Foreign Currency Auction: Zimbabwe Dollar Drops Against USD – 5 May</a></li>
</ol>
This week US$8 million was allocated to the Small to Medium Enterprises forex auction while US$34 million was allocated to the main forex auction.
In total, US$42 million was allotted this week, down from US$44.8 million allotted last week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
563 bids were received on the Small to Medium enterprises forex auction, with 520 accepted and 48 disqualified.
On the main forex auction, a total of 370 bids were received, 331 were accepted while 39 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> 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.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said. Pindula News present below the table summarising what transpired on Tuesday.
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.82">PURPOSE</td>
<td title="Character Accurarcy=99.86">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.9">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Raw Materials</td>
<td title="Character Accurarcy=99.95">1,819,236.56</td>
<td title="Character Accurarcy=99.9">12,510,369.51</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.93">1,844,933.53</td>
<td title="Character Accurarcy=99.9">7,122,086.30</td>
</tr>
<tr>
<td title="Character Accurarcy=99.7">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.92">2,006,995.45</td>
<td title="Character Accurarcy=99.94">3,507,267.12</td>
</tr>
<tr>
<td title="Character Accurarcy=99.79">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.87">578,174.75</td>
<td title="Character Accurarcy=99.93">1,814,912.16</td>
</tr>
<tr>
<td title="Character Accurarcy=99.7">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.86">783,172.37</td>
<td title="Character Accurarcy=99.87">2,888,414.87</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.92">194,334.69</td>
<td title="Character Accurarcy=99.9">1,630,588.39</td>
</tr>
<tr>
<td title="Character Accurarcy=99.84">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.91">499,888.66</td>
<td title="Character Accurarcy=99.93">3,461,003.73</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">Paper and Packaging</td>
<td title="Character Accurarcy=99.6">312,251.64</td>
<td title="Character Accurarcy=99.92">1,001,078.45</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">TOTAL</td>
<td title="Character Accurarcy=99.94">8,038,987.65</td>
<td title="Character Accurarcy=99.9">33,935,720.53</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"></td>
<td title="Character Accurarcy=99.77">41,974,708.18</td>
</tr>
</tbody>
</table>
</div>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Foreign Currency Auction: Zimbabwe Dollar Drops Against USD

The Zimbabwe dollar fell marginally against the United States Dollar (USD) as indicated by results from the Reserve Bank of Zimbabwe’s Foreign Exchange (Forex) Auction.
According to the results from the Tuesday, 13 April 2021 RBZ forex auction, the weighted average this week <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-marginally-gains-against-usd/">fell marginally from US$1: ZWL$84. 3970 last</a> week to ZWL$84. 4827 this week.
US$3.7 million was allocated to the Small to Medium enterprises forex auction while US$29 million was allocated to the main forex auction.
In total, US$33 million was allotted this week, with the bulk of the allotment (US$14.6million) going to raw materials followed by machinery and equipment (US$6<span data-sheets-formula="=SUM(618280.19+5336512.45)" data-sheets-userformat='{"2":444,"5":{"1":[{"1":2,"2":0,"5":{"1":2,"2":12040119}},{"1":0,"2":0,"3":3},{"1":1,"2":0,"4":1}]},"6":{"1":[{"1":2,"2":0,"5":{"1":2,"2":12040119}},{"1":0,"2":0,"3":3},{"1":1,"2":0,"4":1}]},"7":{"1":[{"1":2,"2":0,"5":{"1":2,"2":12040119}},{"1":0,"2":0,"3":3},{"1":1,"2":0,"4":1}]},"8":{"1":[{"1":2,"2":0,"5":{"1":2,"2":12040119}},{"1":0,"2":0,"3":3},{"1":1,"2":0,"4":1}]},"10":0,"11":4}' data-sheets-value='{"1":3,"3":5954792.640000001}'> million).
298 bids were received on the Small to Medium enterprises forex auction, with 257 accepted and 41 disqualified.
On the main forex auction, a total of 316 bids were received, 267 were accepted while 49 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> 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.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.
<table>
<tbody>
<tr>
<td title="Character Accurarcy=99.78">PURPOSE</td>
<td title="Character Accurarcy=99.8">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.9">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Raw Materials</td>
<td title="Character Accurarcy=99.87">1,045,035.55</td>
<td title="Character Accurarcy=99.74">13,631,643.45</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.56">709,343.36</td>
<td title="Character Accurarcy=99.87">5,573,039.47</td>
</tr>
<tr>
<td title="Character Accurarcy=99.57">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.67">962,300.09</td>
<td title="Character Accurarcy=99.79">1,464,270.32</td>
</tr>
<tr>
<td title="Character Accurarcy=99.36">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.41">223,047.33</td>
<td title="Character Accurarcy=99.7">2,410,695.77</td>
</tr>
<tr>
<td title="Character Accurarcy=98.93">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.72">366,024.43</td>
<td title="Character Accurarcy=99.87">2,319,489.46</td>
</tr>
<tr>
<td title="Character Accurarcy=99.69">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.76">176,263.34</td>
<td title="Character Accurarcy=99.84">1,747,149.46</td>
</tr>
<tr>
<td title="Character Accurarcy=99.69">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.41">163,698.61</td>
<td title="Character Accurarcy=99.87">1,908,556.73</td>
</tr>
<tr>
<td title="Character Accurarcy=99.86">Paper and Packaging</td>
<td title="Character Accurarcy=99.87">103,563.16</td>
<td title="Character Accurarcy=99.91">119,962.50</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">TOTAL</td>
<td title="Character Accurarcy=99.75">3,749,275.87</td>
<td title="Character Accurarcy=99.75">29,174,807.16</td>
</tr>
<tr>
<td title="Character Accurarcy=99.86">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=99.39">32,924,083.03</td>
</tr>
</tbody>
</table>

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