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RBZ Foreign Currency Auction Results: 24 August 2021

24 August 2021

The Zimbabwe dollar has slightly lost value against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday, 24 August 2021.

Last week the weighted average was ZWL$85.8290 but fell to US$1: ZWL$85.9084 this week.


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This week, US$15.1 million was allocated to the Small to Medium Enterprises forex auction while US$36.5 million was allocated to the main forex auction.

In total, US$51.6 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

971 bids were received on the Small to Medium enterprises forex auction, with 937 accepted and 34 disqualified.

On the main forex auction, a total of 425 bids were received, 399 were accepted while 26 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 : 971 425
Number of Bids Disqualified : 34 26
Total Number of Bids Accepted : 937 399
Total Number of Bids Allotted : 937 399
Total Value of Bids Accepted : USD15,157,605.64 USD41,284,248.05
Amount Allotted : USD15, ,157,605.64 USD36,532,794.36
Highest Rate Received : 95.0000 90.0000
Lowest Bid Rate Received : 82.5000 83.0000
Lowest Bid Rate Allotted : 82.5000 83.0000
Weighted Average Rate : 85.9084  

 

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 3,436,846.75 14,931,751.41
Machinery and Equipment 4,165,020.38 8,341,921.49
Consumables (Incl. Spares, Tyres, Electricals, etc) 3,314,351.23 2,189,046.00
Services (Loans, Education, Dividends, Disinvestments, etc) 1,300,977.26 1,530,409.87
Retail and Distribution (Incl. Food, Beverages, etc) 1,504,108.07 4,551,438.30
Fuel, Electricity and Gas 332,729.19 1,854,938.81
Pharmaceuticals and Chemicals 662,544.75 2,765,470.75
Paper and Packaging 441,028.01 367,817.73
TOTAL 15,157,605.64 36,532,794.36
GRAND TOTAL AWARDED   51,690,400.00

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