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Zimdollar death bound spiral on official market rages on

The Zimbabwe dollar this week weakened by about ZWL$3.00 against the United States dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency auction.

On Tuesday, 21 March 2023, the weighted average moved to US$1: ZWL$915.1822, from US$1: US$1: ZWL$912.5828 which was set on 14 March 2023.

The central bank said a total of US$18,719,881.96 was allotted today a drop from US$19,819,940.12, 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$1,950,094.82 down from US$2,530,187.62.

The total amount allotted on the Main Forex Auction was US$16,769,787.14 down from US$17,289,752.50.

♦ Weighted Average Rate 915.1822 from 912.5828.

How the money was allocated:

Raw Materials……………………………………(SME) US$572,024.56 (MA) US$7,324,594.15

Machinery and Equipment……………………..…(SME)US4578,298.43 … (MA)US$3,187,757.32

Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME)US$301,083.28 … (MA)US41,338,761.04

Services (Loans, Education, Dividends, Disinvestments…) (SME)US$148,676.81 … (MA)US41,468,144.95

Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$252,715.86 … (MA)US$2,164,656.62

Electricity ………………………………………………. (SME) US$9,936.75

Pharmaceuticals and Chemicals …………….… (SME)US$64,907.54 … (MA)US$683,282.50

Paper and Packaging …………………………… (SME)US$22,451.59 ….(MA)US$602,590.56

TOTAL Amount allotted for the SMEFX124/2023 ………..US$1,950,094.82

TOTAL Amount allotted for the MAIN FX130/2023 ………US$16,769,787.14

GRAND TOTAL AWARDED ………………………… US$18,719,881.96

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

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