ZWL bullish on stability, fares well in the markets

Business Reporter

 THE ZWL has remained bullish on both the Reserve Bank of Zimbabwe (RBZ) Auction and parallel market platforms despite brief shockwaves which monetary authorities say will subside soon.

A trading update released at the close of trading Tuesday shows that the official rate reached US$1: ZW$5 015 down from the premium of ZW$4 712 recorded last week.

In comparison the parallel market premiums are hovering around ZW$6 000 against the greenback.

The gap between the two rates remains in the stable range amid assurances by monetary authorities to the effect that the days of spiraling premiums will not return again.

The authorities also believe that the current depreciation levels are being triggered by post –election predictions fueling market perceptions.

Meanwhile, on the Wholesale Auction platform, a total of 20 bids were received out of which 17 were allotted the sum of US$18,2 million.

The platform’s players could not exhaust the US$20 million that was on offer.

On the Retail Platform, a grand total of US$713 590 was allotted with priority going towards sustaining productivity-related needs.

Raw Materials were allotted US$45 391, machinery and equipment US$275 395, consumables US$121 390, Services US$161 240, Retail and Distribution US$54 399, pharmaceuticals and chemicals US$47 661.

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