Business Reporter
THE ZWL has remained firm on the Reserve Bank of Zimbabwe (RBZ) Auction with premiums swiftly closing the gaps created on the parallel market.
A trading update released at the close of business Tuesday shows that the exchange rate depreciated to US$1: ZWL 5 633 down from the premium of ZWL5 591 recorded last week to signify a 0, 75% decline.
Accordingly, traders are allowed to peg the US$ at a high of ZW$6 196 after factoring in the -/+ 10% below or above the official exchange rates.
The alternative market is currently pegging its premiums at a rate of US$1: ZW$ 6 500 are being paid out for ordinary trades.
Trades on the Wholesale Auction platform where banks purchase foreign currency for onward sales to their clients received a total 17 bids which were allotted US$18,1 million which is below the US$20 million amount on offer.
On the Retail Auction platform a total US$1,86 million was allotted , out of which Raw Materials took up US$552 534 ,machinery and equipment US$468 099, consumables US$209 539, services US$323 296, retail and distribution US$175 616 among others.
