Business Reporter
THE ZW$ has once again firmed up by 3, 69% against the greenback for the second time in a week on the back of swift responses to the raft of measures employed by authorities last month.
A trading update released by the Reserve Bank of Zimbabwe (RBZ) at the close of the second Wholesale Auction Thursday shows that the official rate recovered to US$1:ZW$ 4 537 from the rate of US$1:ZW$4 711 set by the Auction platform on Tuesday to signify a 3,69% recovery.
The Wholesale Auction is a platform where banks purchase foreign currency for onward disposal to their clients.
A total of 13 bids were accepted and subsequently allotted US$5, 7 million leaving a surplus of US$14, 3 million from the whooping US$20 million which was on offer.
Again, the failure by banks to purchase the available foreign currency testifies the fact that authorities are maintaining a tight grip on money supply in a development which has also seen the ZW$ recording significant recoveries on the parallel market.
