Africa-Press – Zimbabwe. The Zimbabwe dollar has continued its downward spiral against the US dollar. According to the results of the official foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ) today, 04 October 2022, the weighted average rate has fallen to US$1: ZWL$628.1975.
Last week, the foreign exchange weighted average rate was US$1: ZWL$626.1893.
In an update seen by Pindula News, the central bank reported a total of US$11,053,774.79 up from USD10,496,520.56 that was allotted to various sectors at this week’s RBZ foreign currency auction.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
126 bids were received on the Small to Medium Enterprises Forex Auction, with 123 accepted and 3 disqualified. The total amount allotted was USD1,347,913.87 up from USD1,158,110.96 allotted last week.
On the Main Forex Auction, a total of 60 bids were received, 60 were accepted and 0 were disqualified. The total amount allotted was USDUSD9,705,860.92 up from USD9,338,409.60 allotted last week.
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing seller Bid Rate as at 06 October 2022 was ZW$604.2195
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