Subject: Zimbabwe dollar weaken marginally

From: "Bulls n Bears" <[email-masked]>
Date: Tue, 1 Feb 2022 18:11:45 +0200

<mailto:[email-masked]> 

Dear Subscriber,

Please find herein the RBZ Foreign Currency Auction Market results & Commentary for 01 February 2022. 

Auction Results 01 February 2022

Auction Results 25 January 2022

US$

US$

US$

US$

SME Auction

Main Auction

SME Auction

Main Auction

Value of Bids Accepted

6,773,484.47

32,275,383.86

6,153,778.39

32,621,993.68

Total Number of Bids Received

901

546

906

537

Number of Bids Disqualified

118

86

209

115

Total Number of Bids Accepted

783

460

697

422

Number of Bids Allotted

783

460

697

422

Amount Allotted

6,773,484.47

32,275,383.86

6,153,778.39

32,621,993.68

Highest Rate Received

130.0000

132.5000

130.0000

130.0000

Lowest Bid Rate Received

107.0000

108.0000

106.0000

107.0000

Lowest Bid Rate Allotted

107.0000

112.8200

106.0000

107.0000

Weighted Average Rate

116.6500

1.0525%

115.4223

Purpose

SME Auction

Allotments

Main Auction

Allotments

SME Auction

Allotments

Main Auction

Allotments

USD

USD

USD

USD

Raw Materials 

1,584,646.80

13,258,231.07

1,219,985.38

15,075,011.73

Machinery & Equipment 

2,147,777.51

7,024,692.98

1,927,856.57

8,367,681.17

Consumables  

961,908.64

2,750,638.64

967,713.63

2,882,019.59

Pharmaceuticals & Chemicals

1,053,903.16

1,922,356.55

1,195,329.76

1,749,583.84

Services 

554,044.11

3,491,211.10

439,023.08

2,174,100.12

Retail & Distribution 

10,000.00

1,490,692.27

0.00

0.00

Fuel, Electricity & Gas 

314,122.62

837,273.25

250,416.84

1,700,372.52

Paper & Packaging 

147,081.63

	153,453.13

673,224.71

Total 

6,773,484.47

30,775,095.86

6,153,778.39

32,621,993.68

Grand Total Awarded

37,548,580.33

-3.16%

38,775,772.07

Harare- The Zimbabwe dollar weakened marginally by 1.1% to ZWL116.65 to the greenback as shortages of AN fertiliser cast a shadow on the ultimate yields for the 2021/2022 maize crop especially in view of the heavy and leaching rains pounding various parts of the country.

On the alternative market, the ZWL remained at the mean of ZWL220. Most restaurants and retail outlets, have adjust to the 210-220 band but the common trend in family owned type businesses such as restaurants and other similar entities are the non working POS machines which can be seen as an attempt to force customers to pay in hard cash.

The informal market has all but eliminated the local currency including even some large corporate players who are refusing local currency payments even at parallel market rates in favour of the US$ payments.

The country is watching keenly if Government will be able to meet the retail demands for forex if the countrywide bank queues for foreign currency are anything to go by.

For now the alternative market rate and its inflationary impact is giving both the RBZ Governor and the Minister of Finance sleepless nights…or so we presume.

Invest Wisely!

Bulls n Bears 

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