Zim Dollar Value Plummets Again

The local Zimbabwean dollar has continued to lose value against the United States dollar following Tuesday’s foreign currency exchange auction with the official exchange rate now standing at ZWL$76.7596 from last week’s ZWL$72.1470.

An update released by the Reserve Bank of Zimbabwe following today’s auction revealed that a total US$14.3 million was allotted from the 228 bids received.

According to RBZ, the highest bid was ZWL$82.0000 while the lowest stood at ZWL$70.0000.

The average weighted rate was therefore ZWL$76.7596

A total of the 228 bids were received with 55 disqualified accumulating a total amount of US$20.3 million.

Raw materials stood at US$7.7 million of the allotted amounts whilst machinery and equipment stood at US$3 million.

The retail and distribution sector received US$957 000, consumables including spares, tyres, and electricals gobbled US$670 000, pharmaceuticals and chemicals US$648 000.

Services loans, dividends and dis-investments was allocated US$760 000, paper and packaging US$350 000 and Fuel, Electricity and Gas received US$224 000.

The RBZ says bids that were not eligible in terms of the priority list were disqualified including those with insufficient FCA balances whilst some were allotted on a pro rata basis.

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