RBZ Forex Auction: Zimbabwe Dollar Drops Against USD

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RBZ Forex Auction: Zimbabwe Dollar Drops Against USD
RBZ Forex Auction: Zimbabwe Dollar Drops Against USD

Africa-PressZimbabwe. The Zimbabwe dollar this week continued to lose ground against the United States Dollar (USD) as indicated by the Reserve Bank of Zimbabwe’s Foreign Exchange Auction conducted Tuesday, 2 March 2021.

The weighted average this week fell marginally from US$1: ZWL$83.8868 last week to US$1: ZWL$83. 8891 this week.

US$3.1 million

was allocated to the Small to Medium enterprises forex auction while US$32 million was allocated to the main forex auction.

In total, US$35.1 million was allotted this week, with the bulk of the allotment (US$14.32 million) going to raw materials followed by machinery and equipment (US$5.5).

279 bids were received on the Small to Medium enterprises forex auction, with 1236 accepted and 43 disqualified.

On the main forex auction, a total of 365 bids were received, 304 were accepted while 61 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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