Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week injected yet another US$19, 5 million with the chain of allotments showing that support to productivity remains key.
A trading update released at the close of business Tuesday confirms that on the Wholesale Auction platform where banks are allowed to source for foreign currency for onward sale to their clients submitted 19 bids which were allotted US$17,7 million out of the total US$20 million on offer.
Market watchers believe that the failure to take up the entire amount on offer is a sign that ZWL availability in the market remains within a normal range.
On the Retail Auction platform, a grand total of US$1,9 million was allotted towards the productive pillars of the economy.
As such raw materials were allotted US$606 955, machinery and equipment US$448 704, Consumables US$148 892, Services US$283 645, Retail US$306 868 among others.
The official exchange rate reached US$1:ZWL 5 668 down from the rate of ZWL5 663 recorded last week.
Accordingly traders are allowed to charge a maximum premium of ZWL6 234 against the greenback which is closer to the US$1: 6 500 mark which is widely available on the parallel market.
