Zim dollar marginally slides against US$

Oliver Kazunga, Senior Business Reporter
THE Zimbabwe dollar has slipped by 0,12 percentage points to trade at 86 against the United States dollar at the weekly foreign exchange auction conducted on Tuesday.

Last week, the exchange rate at the auction was $85,90. A total, US$46,5 million was this week allotted with US$16,3 million going towards raw materials procurement while US$12,5 million was for machinery and equipment procurement at both the Small to Medium Enterprises (SMEs) and main auctions.

Other allocations were made for consumables such as spares, tyres and electricals as well as retail and distribution, pharmaceuticals, chemicals, fuel, electricity and gas.

The SMEs auction received a total of 932 bids from which 31 were disqualified while the main auction’s total bids received were 444 from which 65 were rejected.

Last week a total of US$51,7 million was allotted at the foreign exchange auction reflecting a 5,3 percent increase from the previous week’s total of US$49,1 million. — @okazunga