Forex Auction Results: Zim Dollar Slides Down To $81.87

Forex auction results for 01 December 2020 are in and the Zimbabwe dollar has continued it’s “downward” trend against the greenback.

The weighted average this week has moved further south from ZWL$81.8151 last week to ZWL$81.8767 this week.

US$33.34 million was allotted today compared to US$32.95m last week, with the bulk of the allotment (US$14.45 million) going to raw materials.

23 bids on the Small to Medium enterprises forex auction were disqualified while 34 bids were also disqualified on the main forex auction.

The Reserve Bank of Zimbabwe (RBZ) said bids which 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.-pindula