Business Reporter
THE Zim dollar has steadily settled on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction after holding almost a similar premium over the past weeks on the back of allotments tilted towards supporting key economic productive sectors.
A trading update released at the close of business Wednesday shows that the official rate reached a premium US$1: ZW$4 577, 50 gaining slightly by 2 cents from the premium of ZW$4 559 recorded last week.
A fortnight ago, the premium of ZW$4 556,16 against the US$1 up from the weighted average rate of ZW$4 542 recorded in the first week of August 2023, a trend which had begun to take shape from end of July.
Against the backdrop, market watchers are of the view that the official rate has steadily settled this time around amid expectations that current economic fundamentals remain in place going into the future.
Activity on the Wholesale Auction shows that a total of 13 bids were received with a total value of US$18, 8 million out of the offer of US$20 million.
On the Retail Auction platform, a total of US$569 439 out of which raw materials received US$113 729, machinery and equipment US$345 440, services US$58 000, retail and Distribution US$30 000, Paper and packaging US$22 269.
