{"id":36768,"date":"2021-03-17T13:51:21","date_gmt":"2021-03-17T11:51:21","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=36768"},"modified":"2021-03-17T13:46:42","modified_gmt":"2021-03-17T11:46:42","slug":"rbz-auction-dominates-foreign-currency-supply-allots-us35-2-million","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rbz-auction-dominates-foreign-currency-supply-allots-us35-2-million","title":{"rendered":"RBZ Auction Dominates Foreign Currency Supply, Allots US$35.2 Million"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/zimbabwe\">Zimbabwe<\/a>. <\/strong><\/span><b>By Alois Vinga<\/b> &#8211; THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction has become the major source of foreign currency for big companies, allotting US$35.2 million this week.<\/p>\n<p>A trading update released at the close of the FX37\/2021 states that a total 292 bids were accepted on the main auction while 229 bids were accepted on the Small to Medium Enterprises.<\/p>\n<p>The surge in the number of bids and the allotments totalling US$35.2 million indicates that the auction platform is so far the largest external source of foreign currency for local companies.<\/p>\n<p>The official rate sustained a premium of $83.98 against US$1 while the parallel market rate stood at $100 but remains incapacitated to push high volume transactions.<\/p>\n<p>On the main auction, the total bids of 292 received totalled US$32 million while the highest rate received was $87 with a low bid rate of $82.<\/p>\n<p>Raw material needs received US$13.9 million, Machinery and Equipment US$5.2 million, Consumables US$2.8 million, Services US$2 million, retail and distribution US$2.4 million, Fuel Electricity and Gas US$2.6 million, pharmaceuticals and chemicals US$2.1 million, paper and packaging US$561,968.<\/p>\n<p>On the Small to Medium Enterprises auction, 229 bids were received totalling of US$3.2 million.<\/p>\n<p>Raw materials were allotted US$933 339, machinery and equipment US$546 537, Consumables US$608 270, Services US$277 336, Retail and Distribution US$294 729, Fuel Electricity and Gas US$278 180, Pharmaceuticals US$201 157, Paper and packaging US$93 651.<\/p>\n<p>A total 118 bids were rejected as they were not eligible in terms of the Priority List.<\/p>\n<p>\u201cBids with overdue CD1s, 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,\u201d read the update.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. By Alois Vinga &#8211; THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction has become the major source of foreign currency for big companies, allotting US$35.2 million this week. A trading update released at the close of the FX37\/2021 states that a total 292 bids were accepted on the main auction while [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":36767,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":{"0":"post-36768","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-zimbabwe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBZ Auction Dominates Foreign Currency Supply, Allots US$35.2 Million - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga - THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction has become the major source of forei ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-dominates-foreign-currency-supply-allots-us35-2-million\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ Auction Dominates Foreign Currency Supply, Allots US$35.2 Million\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga - 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