RBZ Forex Auction: Zimbabwe Dollar Continues To Drop Against USD

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RBZ Forex Auction: Zimbabwe Dollar Continues To Drop Against USD
RBZ Forex Auction: Zimbabwe Dollar Continues To Drop Against USD

Africa-PressZimbabwe. The Zimbabwe dollar has continued to drop against the United States Dollar (USD) as indicated by the Reserve Bank of Zimbabwe’s Foreign Exchange (Forex) Auctions.

Since the introduction of the forex auction system last year, the Zimbabwe dollar has been steady with marginal drops registered here and there.

According to the results from the Tuesday, 9 March 2021 RBZ forex auction, the weighted average this week fell marginally from ZWL$83. 8891 last week to US$1: ZWL$83. 9827 this week.

US$3 million

was allocated to the Small to Medium enterprises forex auction while US$34 million was allocated to the main forex auction.

In total, US$37.1 million was allotted this week, with the bulk of the allotment (US$16.4 million) going to raw materials followed by machinery and equipment (US$6 million).

241 bids were received on the Small to Medium enterprises forex auction, with 205 accepted and 36 disqualified.

On the main forex auction, a total of 371 bids were received, 298 were accepted while 73 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.

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