RBZ Forex Auction: Zimbabwe Dollar Drops Against USD
RBZ Foreign Exchange Auction
The Zimbabwe dollar has marginally lost ground against the US dollar according to results from the Reserve Bank of Zimbabwe (RBZ)’s foreign exchange auction.
Results from the Tuesday, 04 May 2021 RBZ forex auction show that the weighted average fell slightly from US$1: ZWL$84.5032 last week to US$1:ZWL$84.5282 this week.
This week US$4.5 million was allocated to the Small to Medium Enterprises forex auction while US$32.9 million was allocated to the main forex auction.
In total, US$37.4 million was allotted this week, with the bulk of the allotment (US$12.7 million) going to raw materials followed by machinery and equipment (US$7.8 million).
328 bids were received on the Small to Medium enterprises forex auction, with 298 accepted and 30 disqualified.
On the main forex auction, a total of 328 bids were received, 281 were accepted while 47 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.
