The Reserve Bank of Zimbabwe (RBZ) has released its latest Foreign Exchange Auction Allotments as at 23 August 2022.

Apparently, RBZ’s official foreign currency exchange rate breached the 500 mark Tuesday.

Updates of the foreign currency auction conducted revealed that it closed with the Zimbabwe dollar at a weighted average of US$1:ZWL521.34.

A grand total of US$18 065 567.94 was allotted.

Of this US$15 127 972.74 was awarded for the main auction while US$2 937 595.15 was allocated for the Small and Medium Scale Enterprises auction.

The highest bidding rate in the main auction was $580 while the lowest was $485.

Raw materials received the biggest chunk, earning US$7,3 million followed by machinery and equipment US$3,4 million.

Meanwhile, the RBZ said bids with overdue CDIs, outstanding Bills of Entry, insufficient ZW$, and those with insufficient FCAs were disqualified.