By- It never rains but pours for the local Zimbabwe dollar, which continues to shed value against the United States dollar.

 This was observed at today’s foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ).

The foreign exchange weighted average rate has fallen to US$1: ZWL$325.3314 from US$1: ZWL$308.5201 announced by the Reserve Bank of Zimbabwe (RBZ) last week.

At this week’s RBZ foreign currency auction conducted on Tuesday, 07 June 2022, a total of US$25 million was allotted.

The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.

855 bids were received on the Small to Medium enterprises forex auction, with 753 accepted and 102 disqualified. The total number of bids allotted was 753.

On the main forex auction, a total of 317 bids were received, 274 were accepted and 43 were disqualified. The total number of bids allotted was 274.

The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.

Some bids were also allotted on a pro-rata basis.

  SMEFX91/2022 MAIN FX97/2022

Number of Bids Received : 855 317

Number of Bids Disqualified : 102 43

Total Number of Bids Accepted : 753 274

Total Number of Bids Allotted : 753 274

Total Value of Bids Accepted : USD4,269,142.30 USD20,665,498.04

Amount Allotted : USD4,269,142.30 USD20,665,498.04

Highest Rate Received : 350.0000 350.0000

Lowest Bid Rate Allotted : 295.0000 295.0000

Weighted Average Rate : 325.3314  

PURPOSE AMOUNT ALLOTTED SME AUCTION AMOUNT ALLOTTED MAIN AUCTION

Raw Materials 1,279,708.33 11,493,062.61

Machinery and Equipment 1,597,956.90 3,665,882.99

Consumables (Incl. Spares, Tyres, Electricals, etc) 424,281.67 1,510,009.41

Services (Loans, Education, Dividends, Disinvestments, etc) 325,110.73 1,236,837.05

Retail and Distribution (Incl. Food, Beverages, etc) 312,977.80 947,019.68

Electricity 9,767.03 109,266.09

Pharmaceuticals and Chemicals 166,387.47 783,510.85

Paper and Packaging 152,952.37 919,909.36

TOTAL 4,269,142.30 20,665,498.04

GRAND TOTAL AWARDED 24,934,640.34