Sundaymail Editor
Online Reporter
Industry continues to be the biggest beneficiary of the Reserve Bank of Zimbabwe (RBZ)’s foreign currency auction system, with over US$1,27 billion going towards raw materials, machinery and equipment.
Over the past 16 months, the auction system allotted US$1,85 billion to 1 822 beneficiaries on the main auction.
And US$267,3 million was allotted to 4 136 beneficiaries under the SMEs auction over the same period.
Said RBZ Governor Dr John Mangudya in an update dated October 14: “The auction system remains the most diversified source of foreign exchange with more than 5 958 entities having accessed foreign currency through the main auction and the SMEs auction.
“The bulk of the allotted funds (60 percent) has gone towards payment for raw materials (US$857,6 million), and machinery and equipment (US$421,7 million) and the residual 40 percent going towards payment for consumables, pharmaceuticals and other critical needs of the economy.”
Between June 2020 and September 2021, the top beneficiaries of the forex auction system are Blue Ribbon Foods (US$27 million), Varun Beverages (US$24,5 million), United Refineries Limited (US$21,7 million), Cangrow Trading (US$20,6 million), and Surface Wilmar (Pvt) Limited (US$17,6 million).
Online Reporter