Zimbabwe dollar official rate breaches $1 000 mark

The Zimbabwe dollar has for the first time crossed the 1 000 mark against the American dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency auction.

This Wednesday, 19 April 2023, the weighted average moved to US$1: ZWL$1 000.0227, from US$1: ZWL$959.3111 which was set on 11 April 2023.

The RBZ said the highest rate received was 1 125.0000, while the lowest bid rate allotted was 978 000.

The central bank also said a total of US$18,905,097.94 was allotted today down from US$20,568,055.34, which was allotted last week.

The bulk of the allotment went to raw materials followed by machinery and equipment.

The total amount allotted for the Small to Medium Enterprises Forex Auction was US$1,731,764.97 down from US$US$2,241,706.95.

The total amount allotted on the Main Forex Auction was US$17,173,332.97 down from US$18,326,348.39.

♦ Weighted Average Rate moved to 1 000.0227 from 959.3111.

How the money was allocated:
Raw Materials……………………………………(SME) US$616,821.49 (MA)US$9,101,791.90

Machinery and Equipment……………………..…(SME)US$537,029.59 … (MA)US$3,439,887.52

Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$213,005.13 … (MA) US$1,077,195.49

Services (Loans, Education, Dividends, Disinvestments…) (SME) US$115,342.95 … (MA) US$1,033,601.13

Retail and Distribution (Incl. Food, Beverages, etc)…(SME) US$168,605.61 … (MA) US$1,183,168.54

Lubricants ………………………………………………. (SME) US$50,000.00

Pharmaceuticals and Chemicals …………….… (SME) US$54,055.63 … (MA) US$517,726.37

Paper and Packaging …………………………… (SME) US$26,904.57 …. (MA) US$769,962.02

TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,731,764.97

TOTAL Amount allotted for the MAIN FX130/2023 ………US$17,173,332.97

GRAND TOTAL AWARDED ………………………… US$18,905,097.94

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.

Zwnews