Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) weekly auction has injected a total US$19, 2 million which will go a long way to support local companies in meeting their productivity related needs.
A trading update released at the close of trading Tuesday shows that a total US$17, 7 million was allotted on the Wholesale Auction- a platform where banks purchase foreign currency for onward selling to their customers managed to purchase US$17, 7 million.
The platform could not exhaust the US$20 million which was on offer demonstrating that the levels of available ZWL in the markets remain at sustainable levels which will not destabilize the exchange rates market.
On the Retail Auction, a total US$1, 9 million was dispensed bringing the total funds allotted on the two platforms to US$19, 2 million.
The platform remains the largest source of foreign currency locally having gone a long way to ease inflationary pressures and calm volatility in the parallel market exchange rates since its inception back in 2020.
Allotments on the Retail Auction revealed that priority was tilted towards key productive needs in a development which saw the Raw Materials receiving US$456 015, Machinery and Equipment US$493 100, Consumables US$170 113, Services US$217 908, Retail and Distribution US$167 960, Pharmaceuticals and Chemicals US$39 851.
The official exchange rate closed the day at ZW$5 718 against the greenback with retailers being allowed to charge a maximum of ZW$6 289 after factoring in the + or – 10% over and above the official rate.
