ZWL weakens faster on Auction than Interbank Market as parallel market rates start moving
Bulls n Bears
bulls at bullszimbabwe.com
Wed Jun 1 07:57:18 CAT 2022
<http://www.netone.co.zw/>
Dear Subscriber,
Please find herein the RBZ Foreign Currency Auction Market results &
Commentary for 31 May 2022.
Auction Results 31 May 2022
Auction Results 24 May 2022
US$
US$
US$
US$
SME Auction
Main Auction
SME Auction
Main Auction
Value of Bids Accepted
5,135,841.87
23,947,063.37
8,684,002.68
32,941,798.21
Total Number of Bids Received
782
285
1,044
381
Number of Bids Disqualified
59
22
55
42
Total Number of Bids Accepted
723
263
989
339
Number of Bids Allotted
613
235
484
206
Amount Allotted
4,425,590.12
21,165,154.67
4,423,085.55
20,624,665.87
Highest Rate Received
340.0000
340.0000
330.0000
330.5200
Lowest Bid Rate Allotted
290.0000
290.0000
280.0000
280.0000
Weighted Average Rate
308.5201
5.72%
290.8876
Purpose
SME Auction
Allotments
Main Auction
Allotments
SME Auction
Allotments
Main Auction
Allotments
USD
USD
USD
USD
Raw Materials
1,074,866.64
11,077,620.25
1,243,402.30
10,659,453.77
Machinery & Equipment
1,678,233.12
3,597,642.53
1,686,880.11
5,004,038.83
Consumables
583,152.38
1,817,428.66
450,609.88
1,268,902.14
Pharmaceuticals & Chemicals
376,205.05
1,647,857.01
301,132.00
971,701.72
Services
388,571.00
1,439,602.03
338,643.96
1,255,573.02
Retail & Distribution
16,187.13
0.00
9,469.56
0.00
Fuel, Electricity & Gas
193,117.15
954,924.90
221,947.22
770,726.31
Paper & Packaging
115,257.65
630,079.29
171,000.52
694,270.08
Total
4,425,590.12
21,165,154.67
4,423,085.55
20,624,665.87
Grand Total Awarded
25,590,744.79
2.17%
25,047,751.42
Harare- The Zimbabwe dollar weakened to ZWL308.5201, a 5.72% depreciation
from last week and also weakening faster than the interbank market. This is
in line with expectations that the Auction Rate will converge to Interbank
Rate as monetary authorities move in to eliminate multiple exchange rates.
On the Alternative Market, the local unit weakened traded at ZWL450-480 as
inflation fears stoked the demand for US$ coupled with inadequate supplies
of FX on the formal market. The rates had stabilised following earlier
interventions by Government and Monetary Authorities to stem the rapid
depreciation.
Monthly inflation has also gathered pace with May 2022 Month on Month
inflation coming in at 20.97% and Year On Year at 131.74% reflecting the
rapid collapse of the ZWL in the months of April and May on both the Auction
and Interbank Market as prices soared and confidence waning.
The ZSE appears to be bottoming out with buyers back on the market as the
hedging drive resumes.
<http://www.nedbank.co.zw/> <mailto:bulls at bullszimbabwe.com>
Invest Wisely!
Bulls n Bears
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