ZWL continues to weaken on formal market as alternative market sees jittery players

[Bulls n Bears]

 Dear Subscriber,

 

Please find herein the RBZ Foreign Currency Auction Market results & Commentary for 11 April 2023.

 <http://www.cloverleaf.co.zw/> 

 


 

Auction Results 11 April 2023

Auction Results 04 April 2023


 

US$

US$

US$

US$


 

SME Auction

Main Auction

SME Auction

Main Auction


Value of Bids Accepted

2,259,478.16

18,807,027.41

2,424,075.86

19,140,766.78


Total Number of Bids Received

275

291

305

295


Number of Bids Disqualified

3

4

1

1


Total Number of Bids Accepted

272

287

304

294


Number of Bids Allotted

269

283

297

290


Amount Allotted

2,241,706.95

18,326,348.39

2,379,980.25

18,589,967.20


Highest Rate Received

1100

1050

1050

1020


Lowest Bid Rate Allotted

950

950

940

940


 

 

 

 

 


Weighted Average Rate

959.3111

1.52%

944.7133

 


 

 

 

 

 


Purpose

SME Auction

Main Auction

SME Auction

Main Auction


Allotments

Allotments

Allotments

Allotments


 

USD

USD

USD

USD


Raw Materials 

780,117.95

10,145,544.10

642,960.42

9,921,801.13


Machinery & Equipment 

680,281.10

3,111,160.89

949,651.17

3,319,993.62


Consumables  

303,176.35

1,082,756.22

300,634.15

910,220.60


Services 

130,751.42

1,157,856.91

162,558.55

1,401,883.47


Retail & Distribution 

231,773.24

1603231.85

195,569.86

1,884,656.94


Lubricants

0.00

40,000.00

 

40,000.00


Pharmaceuticals & Chemicals

92,954.56

480,479.95

73,637.54

324,162.91


Paper & Packaging 

22,652.33

705,318.47

54,968.56

787,248.53


Total 

2,241,706.95

18,326,348.39

2,379,980.25

18,589,967.20


 

 

 

 

 


Grand Total Awarded

20,568,055.34

-1.92%

20,969,947.45

 

 

 <http://www.cloverleaf.co.zw/>  <http://www.cloverleaf.co.zw/>  <http://www.cloverleaf.co.zw/> Harare- The Zimbabwe dollar weakened to ZWL959.3111, a 1.52% depreciation from last week and also weakening faster than the interbank market. On the Alternative Market, the local unit weakened further to ZWL1,600-ZWL1,800 against a backdrop of suspicions in money creation/printing as the Central Bank has to buy the export surrender requirements with ZWL. Residual contractor payments still have to be made in ZWL as there is insufficient FX to make good the payments in hard currency. 

 

The ZWL depreciation has seen rapid dollarization on the market with pricing in the formal sector such that one just has to convert their ZWL to USD to get better value.

 

Lack of clarity on inflation data is also contributing to accelerated demand for USD and coupled with upcoming elections, there is clear flight to safety and investors should expect the USD to remain in demand for now. This has not been helped by the talk of electronic dollars.

 

Invest Wisely!

 

Bulls n Bears 

 

Cellphone:        +263 719 441 675

Alt. Email:      bulls at bullszimbabwe.com <mailto:bulls at bullszimbabwe.com>   

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