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RBZ Foreign Currency Auction Results: 11 August 2021

11 August 2021

The Zimbabwe dollar has weakened slightly against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Wednesday, 11 August 2021.

Last week the weighted average was US$1: ZWL$85.7286falling to US$1: ZWL$85.7467 this week.

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This week, US$10.76 million was allocated to the Small to Medium Enterprises forex auction while US$33.31 million was allocated to the main forex auction.

In total, US$44.07 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

710 bids were received on the Small to Medium enterprises forex auction, with 665 accepted and 46 disqualified.

On the main forex auction, a total of 382 bids were received, 344 were accepted while 38 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 : 710 382
Number of Bids Disqualified : 46 38
Total Number of Bids Accepted : 665 344
Total Number of Bids Allotted : 665 344
Total Value of Bids Accepted : USD10,762,380.86 USD34,814,140.90
Amount Allotted : USD10, ,762,380.86 USD33,311,412.99
Highest Rate Received : 92.0000 92.0000
Lowest Bid Rate Received : 82.0000 82.1500
Lowest Bid Rate Allotted : 82.0000 82.1500
Weighted Average Rate : 85. 7467
Raw Materials 2,351,192.10 14,011,320.21
Machinery and Equipment 2,559,391.68 7,939,559.49
Consumables (Incl. Spares, Tyres, Electricals, etc) 2,432,945.36 2,406,795.44
Services (Loans, Education, Dividends, Disinvestments, etc) 859,923.67 1,589,893.19
Retail and Distribution (Incl. Food, Beverages, etc) 1,331,734.37 3,064,452.54
Fuel, Electricity and Gas 254,155.57 1,217,751.92
Pharmaceuticals and Chemicals 589,863.17 2,429,520.05
Paper and Packaging 383,174.94 652,120.15
TOTAL 10,762,380.86 33,311,412.99
GRAND TOTAL AWARDED   44,073,793.85