Chronicle Editor
Oliver Kazunga, Senior Business Reporter
THE Zimbabwe dollar this week trades at 98,9 against the United States dollar weakening slightly by 1,86 percentage points from last week’s rate of 97,1.
According to an update by the Reserve Bank of Zimbabwe (RBZ) after this week’s auction on Tuesday, a total of US$46,387 million was allotted compared to the previous week’s US$40,757 million.
At this week’s auction, the main auction received US$12,901 million for raw material procurement while the Small to Medium Enterprises auction got US$2,394 million.
Last week, a total of US$13,995 million was allotted to the main auction for companies’ raw material procurement while the SMEs auction had US$2,641 million.
For machinery and equipment acquisition, US$10,654 million was allotted through the main auction while US$3,758 million was allotted through the SMEs auction.
As has been the tradition at both the auctions, forex was being allocated to companies for consumables, services (loans, education, dividends, and disinvestments, among others), retail and distribution, fuel, electricity and gas, pharmaceuticals and chemicals, as well as paper and packaging procurement.
At this week’s auction, the main auction received 659 bids from which 51 were disqualified while the SMEs auction rejected 67 bids from 1 334 that were received. -@KazungaOliver
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