US$38,2 million allotted to bidders at forex auction – RBZ

A TOTAL of US$38,2 million has been awarded to bidders at this week’s Foreign Currency Auction System compared to US$42,5 million last week.

The United States dollar will for the next one week sell at 84,72 Zimbabwe dollars following this week’s foreign currency auction system conducted on Wednesday.

Last week, the Zimbabwe dollar traded at 84,64 against the greenback.

All qualifying bids were allotted as the Reserve Bank of Zimbabwe continues to meet auction demands since its inception in June last year.

According to RBZ’s latest regular update, a total of 319 bids were allotted at the main auction while 416 were allotted at the Small to Medium Enterprises (SMEs) auction.

The bulk of the forex that firms sourced continued to be driven by critical raw materials procurement while US$6,8 million was for machinery and equipment.

Consumables (spares, tyres and electricals) got US$4,3 million and US$3,3 million was channeled to retail and distribution (food and beverages, among others).-chronicle.cl.zw