Forex payments reach $3,7 billion in 6 months

Zimbabwe made foreign payments amounting to US$3,783 billion, for the period January 2022 to June 2022, latest data from the Reserve Bank of Zimbabwe shows.

The bulk of the foreign currency amounting to US$2 954 720 393 was paid from foreign currency accounts (FCAs), while the foreign exchange auction system contributed US$740,7 million.

The interbank market contributed just US$87,6 million. Interestingly, the interbank market is now used as the official reference rate for foreign currency.

Meanwhile, at least 505 beneficiaries were allotted a total US$84 million under the Main Foreign Exchange Auction during the month of June 2022.

Further, another 1 565 beneficiaries got US$15, 5 million under the SMEs Foreign Exchange Auction during the month of June 2022.

The bulk of the auction allotments during the month of June 2022 (72 percent) was for payment for raw materials (US$49 233 556) and machinery and equipment (US$23 271 992).

The remaining 28 percent of the total allotments went towards payment for consumables (US$7 354 069), services (US$6 129 904), retail and distribution (US$6 030 419), pharmaceuticals and chemicals (US$4 198 562), packaging (US$3 043 267) and fuel, electricity and gas (US$334 378), according to the central bank.

Blue Ribbon Foods got the bulk of the foreign currency amounting to US$1,99 billion followed by Willowton Group Zimbabwe which got US$1,98 million.-eBusiness Weekly