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AfricaEconomyZimbabwe

Zimdollar depreciates further as RBZ mulls fine for disqualified bids

By Almot Maqolo

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There was a 4.51% depreciation on the local currency against the US$ to 72.1470 at the close of the Reserve Bank of Zimbabwe auction of Tuesday with US$14.85 mln being allotted at a cost of $1.07 bln.

According to the results, total bids received were at 290 but 51 amounting to about US$6 mln were rejected for bringing in bids that do not qualify. A resolution was passed to consider imposing a fine in US dollars for participants who come to the auction with “dirty” hands.

A total US$2.5 mln was from exporters at a rate of 75. Most bids put forward were in the 70s range with the lowest accepted bid at 70 while the highest rate was at 82.17.

The lowest bid tendered was at 55. Of the allotted amounts, US$7.47 mln went towards raw materials, US$2.3 mln to machinery and equipment, US$1.29 bln retail and distribution, US$1.12 bln Consumables while the remainder was split towards paper and packaging, fuel, electricity and gas, pharmaceuticals and services.


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