The Zimbabwean dollar’s downward spiral against the US$ dollar is continuing, results of the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) have shown.
The auction took place today and weighted average rate has fallen to US$1: ZWL$632.1371.
Last week, the foreign exchange weighted average rate was US$1: ZWL$629.5204.
Apparently, the apex bank reported a total of US$10,600,227.09 done from US$11 734 231.57 that was allotted to various sectors at this week’s RBZ foreign currency auction.
The bulk of the allotment was awarded to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX111/2022) was USD1,062,029.45 as compared to US$1,347,913.87 allotted last week.
The total amount allotted on the Main Forex Auction (MAIN FX117/2022) was US$USD10,637,610.97 up from US$9,705,860.92 allotted last week.
Weighted Average Rate 629.5204
Below is how the money was allocated:
Raw Materials………………………………………………………………..US$4,189,685.91
Machinery and Equipment………………………………………………US$2,276,719.65
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$779,709.93
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,938,179.55
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$902,155.04
Electricity Pharmaceuticals and Chemicals …………………………US$409,225.37
Paper and Packaging …………………………………………………………US$104,551.64
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,097,940.76
TOTAL Amount allotted for the MAIN FM117/2022 …… US$9,502,286.33
GRAND TOTAL AWARDED ……………………………. US$10,600,227.09
Notes
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.
3. Willing buyer Willing seller Bid Rate as at 21 October 2022 was ZW$604.7983.
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