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Oliver Kazunga, Senior Business Reporter
THE exchange rate between the Zimbabwe dollar to the United States dollar has remained stable at ZWL$83,32 cents compared to last week’s rate of 83,40 cents.
A trading update released by the Reserve Bank of Zimbabwe (RBZ) after the Small to Medium Enterprises and the main foreign currency auction sessions yesterday also showed total bids of US$15 million were on the foreign currency auction market with US$976 403,52 on the SMEs auction.
Allotments from the two auction systems were largely for raw materials, machinery, retail and distribution, services, fuel, electricity and gas, as well as paper and packaging among others.
The SMEs auction received 75 bids, with 11 being rejected while the main foreign currency auction had a total of 154, with 25 being disqualified.
The first foreign currency auction in years was launched towards the end of June this year to boost efficiency and transparency in the forex market, replacing the 1:25 fixed interbank exchange rate system.
The US$1:ZWL$25 had been in place since February.
– @okazunga
Online Reporter