Reserve Bank of Zimbabwe Governor Dr John Panonetsa Mangudya exclusively revealed to TechnoMag an update from the central bank reporting that a total of US$15.62 million was allotted to various sectors at this week’s RBZ foreign currency auction.
Speaking to TechnoMag on the sidelines of Tuesday 13 September 2022 forex auction, Governor Mangudya said, “The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
“266 bids were received on the Small to Medium Enterprises Forex Auction, with 259 accepted and 7 disqualified. The total amount allotted was USD2,196,092.29 down from the 2,659,595.81 allotted last week.
“On the Main Forex Auction, a total of 127 bids were received, 126 were accepted and 1 was disqualified. The total amount allotted was USD13,429,628.61 UP from USD11,489,204.90 allotted last week.”
Dr Mangudya also added that,
“1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZW$ and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing Seller Bid Rate as of 9 September 2022 was ZW$568.1885.”