Chronicle Editor
Oliver Kazunga, Senior Business Reporter
A TOTAL of US$36,6 million was allotted to bidders this week at the Reserve Bank of Zimbabwe (RBZ) weekly foreign currency auction system, marginally higher than the previous week’s US$35,8 million.
Since its inception in June 2020, raw materials continue to dominate the demand for foreign currency at the official channel.
According to the latest update from the Apex Bank, a total of 442 bids were accepted at the main auction at this week’s auction while the Small-to-Medium Enterprises auction had 1 105 bids.
The latest forex auction saw a total of US$30,8 million being allocated under the main auction platform while US$5,7 million went to the SMEs auction.
Last week, US$28,6 million was allotted to the main auction while US$7,2 million went to the SMEs auction platform.
Apart from meeting raw material requirements for the productive sector, the productive sector also required the hard currency for machinery and equipment, consumables, pharmaceuticals and chemicals procurement.
The funding is also needed to meet other essential such as loans, education, dividends, retail and distribution, paper and packaging as well as electricity.
At this week’s auction the Zimbabwe dollar traded at 134 against the United States dollar.
Last week, the local currency traded at 130,15 against the greenback. -@KazungaOliver
Online Reporter