Zimbabwe dollar falls hard

The Zimbabwe dollar this week lost value against the United States dollar on the foreign currency auction held by the Central Bank.

On 16 May 2023, the weighted average was US$1: ZWL$1,404.8039 up from US$1: ZWL$1,212.5.8 reported on 09 May 2023.

The central bank allotted a total of US$14,444,323.31 down from US$16,349 930.31, with the majority of the allotment going to raw materials, followed by machinery and equipment.

The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,576,700.13 down from US$2,280,785.72, while the Main Forex Auction was allotted US$13,171,159.91 down from US$16,772,580.66.

♦ Weighted Average Rate moved to 1,404.8039 up from 1,212.5.8.

How the money was allocated:

Raw Materials …………………………………………. (SME) US$350,687.48 … (MAIN) US$7,007,641.38 

Machinery and Equipment …………………………. (SME) US$415,614.30 … (MAIN) US$1,926,117.50 

Consumables (Incl. Spares, Tyres, Electricals, etc) … (SME) US$202,560.71 … (MAIN) US$1,001,696.74 

Services (Loans, Education, Dividends, Disinvestments, etc) … (SME) US$100,494.32 …. (MAIN) US$983,240.01 

Retail and Distribution (Incl. Food, Beverages, etc) … (SME) US$125,715.23 … (MAIN) US$1,514,194.61 

lubricants Pharmaceuticals and Chemicals …. (SME) US$62,647.17 … (MAIN) US$341,262.52 

Paper and Packaging …………………………….. (SME) US$15,444.19 … (MAIN) US$397,007.15 

TOTAL ………………………………………………. (SME) US$1,273,163.40 … (MAIN) US$13,171,159.91 

GRAND TOTAL AWARDED ……………….. US$14,444,323.31

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