Official Exchange Rate Now At ZWL$68.89
The official foreign exchange rate for the United States Dollar (USD) to the Zimbabwe Dollar has now moved to US$1: ZWL$68.8879 following the fourth edition of the Reserve Bank of Zimbabwe’s weekly forex auction system on Tuesday. The Zimbabwe Dollar continued to lose ground as it depreciated from ZWL$65.88 for every USD to ZWL$68.89 per USD.
The highest bid rate for this week was ZWL$85:USD 1 while the lowest bid was ZWL$40.00: USD 1. However, the lowest bid rate which was actually accepted was ZWL$64.2: USD 1. This resulted in a weighted average of ZWL$68.8979: USD 1, a slight increase from last week’s ZWL$65.88: USD 1.
Last week’s edition of the weekly forex auction system saw the official exchange rate move from ZWL$63.74 for every USD to ZWL$65.88 for every dollar.
A total of US$18, 719, 664.66 was received in bids and US$15, 998, 219.59 was successfully allotted. This means that 86 per cent of the bids managed to get the foreign currency they needed. The US$15, 998, 219.59 which was successfully allotted is an increase from last week’s total allotment of US$13.6 million.
This week’s highest allotment was $5,6 million for raw materials. Below is how the rest of the money was allotted.
|Raw Materials||5 623 684.60|
|Machinery and Equipment||3 016 110.90|
|Retail and Distribution (Incl. Food, Beverages, etc)||2 476 441.00|
|Consumables (Incl. Spares, Tyres, Electrical)||1 416 913.67|
|Pharmaceuticals and Chemicals||1 264 842.70|
|Services (Loans. Dividends and Disinvestment)||900 526.72|
|Paper and Packaging||761 500.00|
|Fuel, Electricity and Gas||528 200.00|
|TOTAL||15 988 219.59|
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