Business Reporter
THE value of the ZWL depreciated by 0, 43% on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week on the back of foreign currency allotments tilted towards supporting industry’s critical needs.
A trading update released this week shows that a total 19 bids were received out of which 17 were accepted.
The official rate closed the day at ZW$5 827 against US$1 signaling a 0, 63% decline from the premium of ZW$5 790 recorded in the previous week.
The official rate has been depreciating by lower margins lately on the back of a general failure by banks trading on the Wholesale Auction platform to snap up the US$20 million on offer upon receiving just US$14,2 million.
Number of bids received 19, Total number of bids allotted 17,Total value of bids accepted US$14,2 million, amount on offer US$20 million ,highest rate received ZW$5 910, lowest rate received ZW$5 800.
Weighted Average Rate ZW$5 827
Retail Auction
Raw materials US$919 863 Machinery and equipment US$361 166, Consumables US$361 166, Services US$276 912, Retail and Distribution US$333 353, Pharmaceuticals US$77 999, Paper and Packaging US$65 383.
A Grand Total of US$2, 34 million was allotted on the platform.
