Chronicle Editor
Oliver Kazunga, Senior Business Reporter
THE Zimbabwe dollar this week traded at 85,74 against the United States dollar at the official weekly foreign currency exchange auction conducted yesterday.
Last week, the exchange rate at the auction was $85.72. In a post auction update, the Reserve Bank of Zimbabwe (RBZ) said a total, US$44 million was allotted, with the bulk of the resources being channelled towards raw materials procurement followed by machinery and equipment.
A total of US$10,7 million was allocated to the Small to Medium Enterprises auction against US$33,3 million that was allocated to the main auction.
The main auction received a total of 382 bids from which 344 were accepted while 38 were disqualified.
The SMEs auction received 710 bids with 665 accepted and 46 disqualified.
Although the official exchange rate has remained stable, the parallel market margin remains higher at around 1:120, with financial experts calling for further interventions to narrow the cleavage between the two. – @okazunga
Online Reporter