Business Reporter
THE ZWL declined by 6,4% on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week but still remains relatively stable as testified by price adjustments which have accordingly responded to the price shifts.
A trading update released at the close of trading Tuesday shows that the official rate reached US$1: ZWL 5 591 from a premium of ZW$5 252 recorded last week.
This signifies a 6,4% depreciation when compared to last week’s premium.
However, despite the exchange rates fluctuations, prices have remained stable and continue to be adjusted accordingly demonstrating the market’s maturity in accepting the exchange rates fluctuations.
Key Highlights;
Wholesale Auction
Number of bids received 20
Total value of bids accepted US$18,6 million
Highest bidding rate ZW$5 700 and a low of ZW$5 567
Retail Auction
Raw materials US$367 723
Machinery and equipment US$360 374
Consumables US$68 499
Services US$196 775
Retail and distribution US$145 978
Paper and packaging US$63 521
