Africa-Press – Zimbabwe. The Zimbabwe dollar has lost further ground against the US dollar at the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 30 August 2022.
The foreign exchange weighted average rate is now US$1: ZWL$546.8254 from US$1: ZWL$521.4351 announced by the RBZ last week.
At this week’s RBZ foreign currency auction, a total of US$15.32 million was allotted to various sectors.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
402 bids were received on the Small to Medium Enterprises Forex Auction, with 398 accepted and 4 disqualified. The total amount allotted was USD2 643 432.75.
On the Main Forex Auction, a total of 144 bids were received, 141 were accepted and 3 were disqualified. The total amount allotted was USD12 681 789.09.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
For More News And Analysis About Zimbabwe Follow Africa-Press
