RBZ Forex Auction: Zimbabwe Dollar Marginally Gains Against USD

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RBZ Forex Auction: Zimbabwe Dollar Marginally Gains Against USD
RBZ Forex Auction: Zimbabwe Dollar Marginally Gains Against USD

Africa-PressZimbabwe. The Zimbabwe dollar marginally gained against the United States Dollar (USD) as indicated by results from the Reserve Bank of Zimbabwe’s Foreign Exchange (Forex) Auction.

According to the results from the Tuesday, 6 April 2021 RBZ forex auction, the weighted average this week fell marginally from ZWL$84. 4001 last week to US$1: ZWL$84. 3970 this week.

Close to US$2.1 million was allocated to the Small to Medium enterprises forex auction while US$23.2 million was allocated to the main forex auction.

In total, US$25.3 million was allotted this week, with the bulk of the allotment (US$12 million) going to raw materials followed by machinery and equipment (US$5 million).

171 bids were received on the Small to Medium enterprises forex auction, with 144 accepted and 27 disqualified.

On the main forex auction, a total of 226 bids were received, 190 were accepted while 36 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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