The Zimbabwean dollar (Zimdollar) on Tuesday, 11 July 2023 further gained weight against the US dollar on the Reserve Bank of Zimbabwe foreign exchange auction.

According to the Wholesale Foreign Exchange Auction results released today, the weighted average was ZWL$4 998.8352.

This is a significant recovery from last week as the weighted average was ZWL$5 251.0640 at the Wholesale Foreign Exchange Auction Results of 06 June 2023.

Today, 10 bids were received from banks, and all 10 bids were accepted however only 8 bids were allotted.

The RBZ said that the total value of bids accepted was US$5 830 000.00, while a total of US$5 640 000.00 was allotted.

The amount on offer was US$20 000 000.00.

The highest bid rate was ZWL$5 353.7221 while the lowest bid rate was ZWL$4 900.0000.

Meanwhile, the RBZ awarded US$460,130.60 to the retail auction.

The central bank also said all bids for the retail auction within the pre-announced amount were allotted in full.

It added that all bids for the retail auction with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.