RBZ Auction weekly allotments injects US$37,2 million to companies

Business Reporter

RESERVE Bank of Zimbabwe (RBZ) Foreign Exchange Auction’s weekly allotments to companies reached US$37,2 million sustaining the commitment towards revamping the country’s productive sector.

A trading update released at the close of business Tuesday shows on the Main Auction, a total  468  bids were accepted with a  value of US$32,7 million with bidding  rates on the platform reaching a high of $135 and a low of $119.

Important needs like raw materials were allotted US$11,9 million, machinery and equipment US$6,7 million, consumables US$3,1 million, services US$2,6 million, Retail and distributionUS$2,9 million, electricityUS$113 813, pharamaceuticals US$1,2 million, Paper and packaging US$629 066.

On the SMEs Auction, a total 844bids were accepted with a total value of   US$7,6 million

Raw materials US$1,7 million, machinery and equipment US$2,5 million, consumables US$1,1 million, services US$1 million, retail and distribution US$617 456, electricity US$31 770.

The total allotted on the platform was  US$7,6 million

THE official exchange rate recorded yet another slight decline of 1,37% this week on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week with the bulk of allotments made being tilted towards spurring productivity.

A trading update released at the close of business Tuesday shows that the official exchange rate deteriorated to US$1: $120,51 down from US$1:$118 recorded last week signifying a 1,37% decline.

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