Zim Dollar In Marginal Gain Against The US Dollar
9 December 2020
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Paul Nyathi

Forex auction results for 08 December 2020 are in and the Zimbabwe dollar has made a rebound against the greenback.

The weighted average this week has made a small improvement from ZWL$81.8767 last week to ZWL$81.8572 this week.

US$30.27 million was allotted this week compared to US$33.34m last week, with the bulk of the allotment (US$13.09 million) going to raw materials.

202 bids were received on the Small to Medium enterprises forex auction, with 188 accepted and 14 disqualified. On the main forex auction, a total of 265 bids were received, 236 were accepted while 29 were disqualified.

The Reserve Bank of Zimbabwe (RBZ) said bids which were disqualified were not eligible in terms of the Priority List.

Bids with overdue CDIs, outstanding Bills of Entry (BOEs) and those with sufficient FCA balances were also disqualified.

Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.