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ZimDollar Steady But Falls to US$1: ZWL$86.2131 – Mangudya

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The Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya released data from his most recent auction indicating the Zimbabwe Dollar continued on a steady path falling by a small margin.This as it lost value against the US dollar, the results of the RBZ foreign currency (forex) auction conducted yesterday show.Last week the weighted average was ZWL$86.0551, after it breached the ZWL$86.00 mark for the first time, and fell to US$1: ZWL$86.2131 this week.

Auction from Tuesday, 24 August 2021, also showed the ZimDollar in decline though not on a downward spiral manner as it used to before the introduction of the foreign currency auction system.

This week, only US$6.4 million was allocated to the Small to Medium Enterprises forex auction while US$31.0 million was allocated to the main forex auction.In total, US$37.5 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

591 bids were received on the Small to Medium enterprises forex auction, with 539 accepted and 52 disqualified.

On the main forex auction, a total of 299 bids were received, 265 were accepted while 34 were disqualified.

The 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 : 591 299
Number of Bids Disqualified : 52 34
Total Number of Bids Accepted : 539 265
Total Number of Bids Allotted : 539 265
Total Value of Bids Accepted : USD 6,407,769.05 USD31,095,590.71
Amount Allotted : USD 6,407,769.05 USD31,095,590.71
Highest Rate Received : 92.0000 90.0000
Lowest Bid Rate Received : 84.0000 84.0000
Lowest Bid Rate Allotted : 84.0000 84.0000
Weighted Average Rate: 86.2131

 

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION
Raw Materials 2,212,640.90 13,642,667.98
Machinery and Equipment 1,598,301.04 6,490,814.46
Consumables (Incl. Spares, Tyres, Electricals, etc) 964,507.11 1,528,917.18
Services (Loans, Education, Dividends, Disinvestments, etc) 440,706.20 1,011,431.43
Retail and Distribution (Incl. Food, Beverages, etc) 605,729.23 4,334,409.99
Fuel, Electricity and Gas 149,564.56 1,193,683.10
Pharmaceuticals and Chemicals 213,264.68 2,184,464.69
Paper and Packaging 223,055.33 709,201.86
TOTAL 6,407,769.05 31,095,590.71
GRAND TOTAL AWARDED 37,503,359.76

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US$37.5 million allotted to forex auction

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