Chronicle Editor
Oliver Kazunga, Senior Business Reporter
THE Zimbabwe dollar continues to remain firm to support economic activity trading at 84,76 against the United States dollar at this week’s foreign currency auction system.
Last week, the Zimbabwe dollar traded at 84,72 against the greenback.
All qualifying bids were allotted as the Reserve Bank of Zimbabwe continues to meet auction demands since its inception in June last year.
At this week’s auction that was conducted on Tuesday, statistics show that US$38,5 million was awarded to bidders compared to US$38,2 million last week.
According to RBZ’s latest regular update, a total of 290 bids were allotted at the main auction while 380 were allotted at the Small to Medium Enterprises (SMEs) auction.
The bulk of the forex that companies sourced was for critical raw materials procurement as US$15,9 million was allotted while US$6,9 million was for machinery and equipment.
Consumables (spares, tyres and electricals) got US$3,9 million and US$2,8 million was allocated to the retail and distribution (food and beverages, among others). -@ okazunga
Online Reporter