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The Zimbabwean dollar Tuesday gained a slight margin of ZWL$O.O785 at the combined SMEs and main forex exchange auction.
Following the previous auction conducted a week ago, the local currency has been trading at ZWL$83.3994 against the USD$.
However, the latest result has witnessed a slight change in the positive direction, now trading at ZWL$83.3209 which is a ZWL$O.O785 gain.
Reserve of Zimbabwe introduced the forex exchange auction system in June to enhance efficient distribution of scarce forex.
Yesterdays, 11th auction was the first time the Zimbabwean dollar gained value against the USD.
Here are the full results:
SME Auction #5 Main Auction #11
Amount Allotted US$976 403.52 US$15 039 656.10
The Highest Rate 86.0000 87.5000
The Lowest Rate 76.5000 76.0000
Lowest Accepted Rate 76.5000 76.0000
Total Bids Accepted US$976 403.52 US$15 039 656.10
Number of Bids Received 75 154
Number of Bids Disqualified 11 25
Foreign Exchange Auction Weighted Average Rate: ZWL$83.3209
PURPOSE Amount Allotted SME Auction (US$) Amount Allotted Main Auction (US$)
Raw Materials 373 003.95 6 050 396.71
Machinery and Equipment 234 793.50 3 540 376.93
Consumables (incl Spare, Tyres, Electricals) 112 721.04 1 307 558.40
Pharmaceuticals and Chemicals 59 584.00 903 605.60
Services (Loans, Dividends, Disinvestments, etc) 92 988.40 1 483 611.12
Retail and Distribution (Incl. Food, Beverages, etc) 53 252.63 1 003 384.34
Fuel, Electricity and Gas – 550 750.00
Paper and Packaging 50 060.00 200 000.00
Total 976 403.52 15 039 656.10
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