RBZ Forex Auction: Zimbabwe Dollar Further Drops

The Zimbabwe dollar further dropped against the United States Dollar (USD) when the Reserve Bank of Zimbabwe (RBZ) conducted a foreign currency (forex) auction on Tuesday 15 June 2021.

Results from the RBZ forex auction show that the weighted average fell slightly from US$1: ZWL$85.0724 last week to US$1: ZWL$85.2455 this week.

This week US$7.9 million was allocated to the Small to Medium Enterprises forex auction while US$39. million was allocated to the main forex auction.

In total, US$46.7 million was allotted this week, up from US$34 million allotted last week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

546 bids were received on the Small to Medium enterprises forex auction, with 521 accepted and 25 disqualified.

On the main forex auction, a total of 451 bids were received, 397 were accepted while 54 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. Pindula News present below the table summarising what transpired on Tuesday.

PURPOSEAMOUNT ALLOTTED SME AUCTIONAMOUNT ALLOTTED MAIN AUCTION
Raw Materials1,844,866.4414,488,442.38
Machinery and Equipment1,983,854.148,093,703.75
Consumables (Incl. Spares, Tyres, Electricals, etc)2,053,997.773,906,651.15
Services (Loans, Education, Dividends, Disinvestments, etc)631,633.352,303,990.07
Retail and Distribution (Incl. Food, Beverages, etc)580,585.473,446,719.93
Fuel, Electricity and Gas117,050.012,182,124.53
Pharmaceuticals and Chemicals397,982.973,616,210.02
Paper and Packaging324,265.16941,285.86
TOTAL7,934,235.3138,979,127.69
GRAND TOTAL AWARDED46,913,363.00

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