RBZ Auction allotments hits US$38,7 million

RBZ Auction allotments hits US$38,7 million

Business Correspondent

RESERVE Bank of Zimbabwe (RBZ) Foreign Exchange Auction Tuesday allotted a total US$38,7 million with priority being tilted towards the promotion of key economic productive sectors.

A trading update released at the close of business shows that a total of US$38,7 million was allotted on both the SMEs and Main Auction..

The auction also sustained support to the key economic productive sectors of the economy with the SME platform receiving a total value  US$6,1 million with raw materials US$1,2 million ,machinery and equipment US$1,9 million, Consumables US$967 713 ,Services U$1,1 million, Retail and Distribution US$439 023.

On the Main Auction, a total US$32, 6 million was allotted with the highest rate received reaching $130 and a low of $107.

Raw materials needs received US$15 million, machinery and equipment US$8,3 million ,consumables US$2,8 million, services US$1,7 million, retail and distribution US$2,1 million, pharmaceuticals and chemicals US$1,7 million, Paper and Packaging US$673 224.

A grand total of US$38,7 million was allotted on both platforms.

The platform also rejected a total 424 dubious bids as the authority engages in an overdrive to strengthen the market’s efficiency.

The development comes shortly after the central bank met industry captains early this week and agreed on implementing a raft of measures aimed at further harnessing the gains of reduced inflation and relatively stable exchange rates.

In part, the bank also agreed to urgently plug all foreign currency leakages which are choking smooth access for well deserving productive companies.

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