US$20,2mln allotted to businesses at Forex Auction System

THE Reserve Bank of Zimbabwe (RBZ) has allotted US$20,2 million to businesses at the Foreign Currency Auction System this week compared to last week’s US$19,1 while the local currency lost further ground against the United States dollar.

This week the Zimbabwe dollar is trading at US$1: ZWL$856 from last week’s US$1: ZWL$831.

In its latest update after Tuesday’s auction, the RBZ said a total of US$18,4 million was allotted for the main auction and US$1,8 million for the Small to Medium Enterprises, making a total of US$20,2million.

The main auction approved bids worth US$19,7 million while the SMEs platform got US$1,9 million.

This week’s auction results saw the bulk of the allotment going to the procurement of raw materials followed by machinery and equipment.

A total of US$10 million went towards the procurement of raw materials while US$2,6 million was channeled towards procurement of machinery and equipment in the main auction.

In the SME category, US$627,827 went towards raw materials while US$497,787 was for machinery and equipment procurement.-The Chronicle