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RBZ FX Auction disburses further US$16, 7 million to support productive sectors

Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction platform this week disbursed US$16,7 million with a huge chunk of it going towards supporting SMEs and large corporates in meeting their productive needs.

A trading update released at the close of business Tuesday shows that on the Wholesale Auction platform, a total US$14, 6 million was disbursed to participating banks for onward selling to their clients.

An additional US$2, 1 million was allotted towards the Retail Auction platform to MSMEs companies and other traders.

This brings the total amount traded on the two platforms to US$16,7 million over and above allotments made by the Auction system since its inception in June 2020.

On the Wholesale Auction platform 18 bids were received but just three were not approved

The highest bidding rate of ZW$5 820 was received with the lowest bid rate of ZW$5 785.

The official rate of US$1: ZWL5 790 was recorded, a premium which has been relatively stable for quite some time now.

Further, on the Retail Auction platform, allotments made were largely tilted towards supporting the productive sectors with Raw materials earning US$780 641, Machinery and Equipment US$650 261, Consumables US$243 314, Consumables US$244 314, Services US$212 328, Retail and distribution US$218 440 , Electricity, Pharmaceuticals and Chemicals US$71 124.

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