Chronicle Editor
Sikhulekelani Moyo, [email protected]
THE Zimbabwe Dollar slightly weakened against the United States dollar at the weekly forex auction system where it traded at Z$ 6 9296 to the greenback from US$1:ZW$5 978 last week.
In an update, the Reserve Bank of Zimbabwe (RBZ) on today (Tuesday) said only US$1,1 million was allotted to the auction system against US$2,9 million which was allotted last week.
The drop in the amount allotted comes at a time when the central bank announced that the auction system will be allotting US$5 million to the old auction system following the introduction of the wholesale forex auction system.
As part of the reforms, the RBZ’s Monetary Policy Committee (MPC) met early this month and came up with additional interventions aimed at ensuring that the interbank forex market became the primary source for foreign exchange needs in the economy.
The latest development overtakes the auctions that have carried the burden for just under three years since the middle of 2020.
Online Reporter