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41st Forex Auction channels US$ 34.1 million into Market

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Zimbabwe held its 41st foreign currency auction yesterday with the Zimbabwe dollar’s resilience against the greenback entering its third consecutive week as the local currency remained firm at 84. 48 to the United States Dollar.

Zimbabwe held its 41st foreign currency auction yesterday with the Zimbabwe dollar’s resilience against the greenback entering its third consecutive week as the local currency remained firm at 84. 48 to the United States Dollar.

34.1 Million United States dollars was channelled to the market, one million United States dollars more than last week’s 33 Million.

Five hundred and twenty bids were allotted in full for both the SMEs and the Main Auction, with 122 others being rejected for failing to meet laid down procedures.
Raw Materials’ dominance continued unabated as it accounted for 13.3 Million United States Dollars while Machinery and Equipment was second at 6.3 million United States dollars.

Consumables and other electrical accessories got 3.4 million United States dollars, with Retail and Distribution getting 3.0 Million United States dollars while services such as loans, education and dividends got 2.5 Million United states dollars.
Fuel, Electricity and Gas increased its allocation by more than 60 percent from last week’s 1.4 Million United states dollars to 2.4 Million.

Since the start of the foreign currency auction last july, the central bank has allotted over 1 billion united states dollars to industry through this process.

Ross Moyo

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