RBZ Auction supports industry, allots US$38 million

Business Reporter

RESERVE Bank of Zimbabwe (RBZ) Foreign Exchange Auction sustained the usual support to spur industrial productivity disbursing a total US$38 million to well deserving companies.

A trading update released at the close of the FX792/2022 auction Tuesday shows that allotments were tilted towards meeting the productivity needs of qualifying companies.

Raw materials needs were allotted US$13,2 million, machinery and equipment US$7 million, Consumables US$2,7 million, Services US$1,9 million, retail and distribution US$3,4 million, Pharmaceuticals and chemicals US$1,4 million, paper and packaging US$837 273.

A total US$30,7 million was allotted on the Main Auction platform.

On the SME Auction, the total value of bids accepted amounted to US$6,7 million with the  highest bidding rate reaching  $130 and lowest bidding rate $107.

Raw materials needs were allotted US$1,5 million, machinery and equipment US$2,1 million, consumables US$961 908 , Services US$1 million, Retail and Distribution US$554 044, electricity US$10 000, pharmaceuticals and Chemicals US$314 122.

The grand total awarded on both platforms was US$37,5 million 

A total of 118 bids were rejected on the SMEs auction platform and 86 bids on the main auction, a development which experts have hailed for as a strategic move aimed at ridding the auction of bogus speculators.

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