Zimdollar official rate fall rages on

The Zimbabwe dollar has continued to lose value against the US dollar, data released by the Reserve Bank of Zimbabwe (RBZ) this Tuesday has shown.

The central bank said a total of US$17,562,464.59 was allotted today down from US$19,632,591,61, 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$2,165,675.36 up from US$1,814,191.43.

The total amount allotted on the Main Forex Auction was US$15,396,789.59 down from US$17,818,400.18.

♦ Weighted Average Rate 856.8403 from 831.8147.

How the money was allocated:
Raw Materials……………………………………(SME) US$652,589.50 (MA) US$7,856,434.10

Machinery and Equipment……………………..…(SME) US$525,704.45 … (MA)US$2,891,433.86

Consumables (Incl. Spares, Tyres, Electricals, etc)…(SME) US$339,961.23 … (MA)US$1,264,055.69

Services (Loans, Education, Dividends, Disinvestments…) (SME)US$197,421.92 … (MA) US$1,333,618.55

Retail and Distribution (Incl. Food, Beverages, etc)…(SME)US$251,868.14… (MA)US$991,023.07

Electricity ………………………………………………. (SME) US$9,860.16

Pharmaceuticals and Chemicals …………….… (SME)US$85,531.27 … (MA)US$353,928.77

Paper and Packaging …………………………… (SME)US$102,738.69 ….(MA)US$706,295.19

TOTAL Amount allotted for the SMEFX124/2023 ………..US$2,165,675.36

TOTAL Amount allotted for the MAIN FX130/2023 ………US$15,396,789.59

GRAND TOTAL AWARDED ………………………… US$17,562,464.59

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.

On 28 February 2023, the weighted average at the foreign currency auction moved to US$1: ZWL$892.6349, fromUS$1: ZWL$881.7513 that was set on 22 February 2023.