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RBZ Foreign Currency Auction Results: 27/07/2021

27 July 2021

The Zimbabwe dollar further weakened against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday 20 June 2021. Last week the weighted average was US$1: ZWL$85.6372, falling to US$1: ZWL$85.6402 this week. This week, US$10 million was allocated to the Small to Medium Enterprises forex auction while US$37 million was allocated to the main forex auction. In total, US$47 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment. 682 bids were received on the Small to Medium enterprises forex auction, with 626 accepted and 56 disqualified. On the main forex auction, a total of 394 bids were received, 356 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 : SME 682 Main 394
Number of Bids Disqualified : 56 38
Total Number of Bids Accepted : 626 356
Total Number of Bids Allotted : 626 356
Total Value of Bids Accepted : USD9,933,403.94 USD37,242,121.28
Amount Allotted : USD9,933,403.94 USD37,242,121.28
Highest Rate Received : 92.0000 91.0000
Lowest Bid Rate Received : 82.0000 82.0000
Lowest Bid Rate Allotted : 82.0000 82.0000
Weighted Average Rate : 85.6402
Raw Materials 2,618,337.54 14,262,215.75
Machinery and Equipment 2,571,114.31 8,981,866.50
Consumables (Incl. Spares, Tyres, Electricals, etc) 1,848,155.35 1,896,941.25
Services (Loans, Education, Dividends, Disinvestments, etc) 711,992.69 2,137,154.25
Retail and Distribution (Incl. Food, Beverages, etc) 862,967.10 4,332,677.09
Fuel, Electricity and Gas 286,143.71 1,987,585.65
Pharmaceuticals and Chemicals 732,787.66 2,900,273.71
Paper and Packaging 301,905.58 743,407.07
TOTAL 9,933,403.94 37,242,121.28
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