Chronicle Editor
Oliver Kazunga, Senior Business Reporter
THE Zimbabwe dollar has this week continued on stability streak as the exchange rate settled at 84,50 against the United States dollar from 84,48 at last week’s auction.
The monetary authorities have managed to bring stability of the local currency through the weekly Foreign Currency Auction Trading System that was introduced towards the end of June last year.
A trading update from the Reserve Bank of Zimbabwe (RBZ) after the Small to Medium Enterprises and the main foreign currency auction sessions conducted this Tuesday also showed total bids of US$31,4 million were on the main foreign currency auction market with US$4,4 million on the SMEs auction.
Allotments from the two auction systems continues to be largely skewed towards raw materials procurement with a total of US$12,7 million disbursed to the main auction system while the SMEs auction received US$990 218, 19.
Allotments were also made for machinery, retail and distribution, services, fuel, electricity and gas, as well as paper and packaging among others
The SMEs auction received 352 bids, with 59 disqualified while the main foreign currency auction had a total of 335 from which 70 were rejected.
– @okazunga
Online Reporter