Zim Dollar Drastically Falls At RBZ Foreign Currency Auction 17 May 2022

Zimbabwe Dollar Drastically Falls At RBZ Foreign Currency Auction 17 May 2022

The foreign exchange weighted average rate has fallen to US$1: ZWL$258.5404 from US$1: ZWL$173.2685 which was reported by the Reserve Bank of Zimbabwe (RBZ) on 3 May.

At this week’s forex auction conducted on 17 May, a total of US$6.8 down from the US$26.8 million that was allotted. The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

1 068 bids were received on the Small to Medium enterprises forex auction, with 1 015 accepted and 53 disqualified. The total number of bids allotted was 135.

On the main forex auction, a total of 433 bids were received, 407 were accepted and 26 were disqualified. The total number of bids allotted was 50.

The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.

Some bids were also allotted on a pro-rata basis.SMEFX88/2022MAINFX94/2022Number of Bids Received :1068433Number of Bids Disqualified :5326Total Number of Bids Accepted :1015407Total Number of Bids Allotted :13550Total Value of Bids Accepted :USD8,998,155.54USD42,053,973.50Amount Allotted :USD1,240,118.58USD5,604,709.04Highest Rate Received: 300.0000299.0000Lowest Bid Rate Allotted :220.0000220.000Weighted Average Rate :258.5404 PURPOSEAMOUNT ALLOTTED SME AUCTIONAMOUNT ALLOTTED MAIN AUCTIONRaw Materials399,298.053,162,049.14Machinery and Equipment421,176.311,022,000.57Consumables (Incl. Spares, Tyres, Electricals, etc)152,356.57199,557.09Services (Loans, Education, Dividends, Disinvestments, etc)118,337.19303,837.41Retail and Distribution (Incl. Food, Beverages, etc)82,083.50335,266.58Electricity––Pharmaceuticals and Chemicals66,866.9650,000.00Paper and Packaging–531,998.25TOTAL1,240,118.585,604,709.04GRAND TOTAL AWARDED6,844,827.62

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