RBZ foreign exchange auction sets exchange rate at 1:68.88

Staff Writer

THE Reserve Bank of Zimbabwe (RBZ) foreign currency auction system Tuesday set the exchange rate at 1:68.88 against the US$.

In a statement released after the auction revealed that US$15.9 million was the total allotted on the the market.

“The least accepted rate was $64.20 while the average rate was at $68.88,” the trading update said.

The latest exchange rate signifies an improvement from the 1:65 against the US dollar recorded last week.

Total bids summed up to US$18.7 million   and out of the 289 bids received 59 of them were rejected.

From the total amount availed, US$ 5.6 million went towards raw materials and US$3 million went towards machinery and equipment.

The retail distribution food and beverages sector received US$2.4 million while consumables and spares were allocated US$1.4 million.

The pharmaceuticals and chemicals sector US$1.2 million while the services, loans dividends and disinvestments received US$900 000.

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