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$80.4663from last week’s ZWL$76.7596
An update released by the Reserve Bank of Zimbabwe following today’s auction revealed that a total US$18.531.336.74 million was allotted from the 237 bids received.
According to RBZ, the highest bid was ZWL$87.0000 while the lowest stood at ZWL$70.0000.
The average weighted rate was therefore ZWL$80.4663. A total of the 237 bids were received with 36 disqualified accumulating a total amount of US$19.773.961.25 million.
Raw materials stood at US$7.566 million of the allotted amounts whilst machinery and equipment stood at US$4.506.804.60 million.
The retail and distribution sector received US$1. 444.143.82, consumables including spares, tyres, and electricals gobbled US$1.326.311.90, pharmaceuticals and chemicals US$1.710.908.75.
Services loans, dividends and dis-investments was allocated US$1.221.265.77, paper and packaging US$203 000 and Fuel, Electricity and Gas received US$552.802.60
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.