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RBZ Foreign Currency Auction Results: 07 September 2021

7 September 2021

The Zimbabwe dollar continues to lose value against the US dollar, the results of the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 24 August 2021, show.

Last week the weighted average was ZWL$86.0551, after it breached the ZWL$86.00 mark for the first time, and fell to US$1: ZWL$86.2131 this week.


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This week, only US$6.4 million was allocated to the Small to Medium Enterprises forex auction while US$31.0 million was allocated to the main forex auction.

In total, US$37.5 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

591 bids were received on the Small to Medium enterprises forex auction, with 539 accepted and 52 disqualified.

On the main forex auction, a total of 299 bids were received, 265 were accepted while 34 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 : 591 299
Number of Bids Disqualified : 52 34
Total Number of Bids Accepted : 539 265
Total Number of Bids Allotted : 539 265
Total Value of Bids Accepted : USD 6,407,769.05 USD31,095,590.71
Amount Allotted : USD 6,407,769.05 USD31,095,590.71
Highest Rate Received : 92.0000 90.0000
Lowest Bid Rate Received : 84.0000 84.0000
Lowest Bid Rate Allotted : 84.0000 84.0000
Weighted Average Rate: 86.2131

 

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 2,212,640.90 13,642,667.98
Machinery and Equipment 1,598,301.04 6,490,814.46
Consumables (Incl. Spares, Tyres, Electricals, etc) 964,507.11 1,528,917.18
Services (Loans, Education, Dividends, Disinvestments, etc) 440,706.20 1,011,431.43
Retail and Distribution (Incl. Food, Beverages, etc) 605,729.23 4,334,409.99
Fuel, Electricity and Gas 149,564.56 1,193,683.10
Pharmaceuticals and Chemicals 213,264.68 2,184,464.69
Paper and Packaging 223,055.33 709,201.86
TOTAL 6,407,769.05 31,095,590.71
GRAND TOTAL AWARDED   37,503,359.76

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