Zim dollar lose ground to the US dollar





The Zimbabwe dollar (ZWL$) continues to lose value against the US dollar as indicated by the results of the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 21 September 2021.

Last week the weighted average was US$1: ZWL$86.3010 and fell to US$1: ZWL$86.9267 this week.

This week, US$9.8 million was allocated to the Small to Medium Enterprises forex auction while US$29 million was allocated to the main forex auction.

In total, US$38.8 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

1082 bids were received on the Small to Medium enterprises forex auction, with 1023 accepted and 59 disqualified.

On the main forex auction, a total of 443 bids were received, 410 were accepted while 33 were disqualified.

The Reserve Bank of Zimbabwe (RBZ) said bids that were disqualified were not eligible in terms of the Priority List.

Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.

Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.

Below is the RBZ summary of the forex auction:

Number of Bids Received : SME FX58/2021

1082

MAIN FX60/2021

443

Number of Bids Disqualified : 59 33
Total Number of Bids Accepted : 1023 410
Total Number of Bids Allotted : 1023 410
Total Value of Bids Accepted : USD 12 073 518.56 USD 34 894 442.49
Amount Allotted : USD 9,779,692.35 USD29,002,007.15
Highest Rate Received : 97.2000 95.0000
Lowest Bid Rate Received : 85.0000 85.0000
Lowest Bid Rate Allotted : 85.0000 85.0000
Weighted Average Rate : 86.9267
PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 3,004,873.06 12,642,805.59
Machinery and Equipment 3,030,865.81 6,594,991.86
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,492,637.16 2,632,044.47
Services (Loans, Education, Dividends, Disinvestments, etc) 599,110.94 1,204,631.57
Retail and Distribution (Incl. Food, Beverages, etc) 819,992.52 3,262,929.05
Fuel, Electricity and Gas 20,482.41 0.00
Pharmaceuticals and Chemicals 495,895.86 1,942,533.00
Paper and Packaging 315,834.59 722,071.61
TOTAL 9,779,692.35 29,002,007.15
GRAND TOTAL AWARDED 38,781,699.50  

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