Zimbabwe Dollar Loses Value in Latest Forex Auction Results

4 August 2020

The local Zimbabwean dollar has continued to lose value against the United States dollar following Tuesday's foreign currency exchange auction with the official exchange rate now standing at ZWL$80.4663from last week's ZWL$76.7596

An update released by the Reserve Bank of Zimbabwe following today's auction revealed that a total US$18.531.336.74 million was allotted from the 237 bids received.

According to RBZ, the highest bid was ZWL$87.0000 while the lowest stood at ZWL$70.0000.

The average weighted rate was therefore ZWL$80.4663. A total of the 237 bids were received with 36 disqualified accumulating a total amount of US$19.773.961.25 million.

Raw materials stood at US$7.566 million of the allotted amounts whilst machinery and equipment stood at US$4.506.804.60 million.

The retail and distribution sector received US$1. 444.143.82, consumables including spares, tyres, and electricals gobbled US$1.326.311.90, pharmaceuticals and chemicals US$1.710.908.75.

Services loans, dividends and dis-investments was allocated US$1.221.265.77, paper and packaging US$203 000 and Fuel, Electricity and Gas received US$552.802.60

The RBZ says bids that were not eligible in terms of the priority list were disqualified including those with insufficient FCA balances whilst some were allotted on a pro rata basis.

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