Official Exchange Rate Now At $72
The official foreign exchange rate for the United States Dollar (USD) to the Zimbabwe Dollar has now moved to US$1: ZWL$72.15 following the results of the latest Reserve Bank of Zimbabwe weekly forex auction which was held on Tuesday. The local currency continued its fall against the United States Dollar, moving from last week’s official exchange rate of ZWL$68.89 per USD.
The highest bid rate for this week was ZWL$82.17: USD 1 while the lowest bid was ZWL$55.00: USD 1. However, the lowest bid rate which was actually accepted is ZWL$70.00: USD 1. This resulted in a weighted average of ZWL$72.1470: USD 1.
Last week’s edition of the weekly forex auction system saw the official exchange rate move from ZWL$65.88: USD 1 to ZWL$68.89: USD 1.
A total of US$20, 316, 134.74 was received in bids and US$14, 853, 708.88 was successfully allotted. This means that 73 per cent of the bids managed to get the foreign currency they needed. The US$14, 853, 708.88 which was successfully allotted is a decrease from last week’s total allotment of US$15, 998, 219.59.
This highest allotment for this week was US$7,4 million which went to raw materials. Last week raw materials also got the highest allotment at US$5,6 million. Below is how the rest of the money was allotted.
|PURPOSE||AMOUNT ALLOTTED US$|
|Raw Material||7 417 479.47|
|Machinery and Equipment||2 309 655.89|
|Retail and Distribution||1 299 934.90|
|Consumables||1 122 315.00|
|Pharmaceuticals and Chemicals||696 875.00|
|Services (Loans, Dividends and Divestments)||752 000.00|
|Paper and Packaging||614 995.57|
|Fuel, Electricals and Gas||640 453.05|
|TOTAL||14 853 708.88|
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