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RBZ Foreign Currency Auction Results: 3 Aug 2021

3 August 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$85.6402, falling to US$1: ZWL$85.7286 this week.


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This week, US$10.3 million was allocated to the Small to Medium Enterprises forex auction while US$35.2 million was allocated to the main forex auction.

In total, US$45.5 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

687 bids were received on the Small to Medium enterprises forex auction, with 624 accepted and 63 disqualified.

On the main forex auction, a total of 393 bids were received, 352 were accepted while 41 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:

                                                    SMEFX51/2021    MAINFX57/2021    
Number of Bids Received : 687 393
Number of Bids Disqualified : 63 41
Total Number of Bids Accepted : 624 352
Total Number of Bids Allotted : 624 352
Total Value of Bids Accepted : USD10,313,921.32 USD35, 186,456.89
Amount Allotted : USD10,313,921.32 USD35, 186,456.89
Highest Rate Received : 91.0000 91.0000
Lowest Bid Rate Received : 82.0000 82.0000
Lowest Bid Rate Allotted : 82.0000 82.0000
Weighted Average Rate : 85.7286  

 

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 2,420,925.75 14,424,474.16
Machinery and Equipment 2,491,365.09 8,122,641.57
Consumables (Incl. Spares, Tyres, Electricals, etc) 2,119,675.23 2,821,012.22
Services (Loans, Education, Dividends, Disinvestments, etc) 770,877.03 1,820,934.53
Retail and Distribution (Incl. Food, Beverages, etc) 1,383,858.25 3,779,637.98
Fuel, Electricity and Gas 334,796.07 1,428,010.66
Pharmaceuticals and Chemicals 440,846.64 2,178,056.90
Paper and Packaging 351,577.26 611,688.87
TOTAL 10,313,921.32 35,186,456.89
GRAND TOTAL AWARDED   45,500,378.21

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