Since the introduction of the dutch foreign currency auction by Reserve Bank of Zimbabwe Governor Dr John Panonetsa Mangudya, the Main Auction was covered first until the SME’s came into effect about three forex auctions later.
The whole idea was to accommodate the smaller firms which did not make the original threshold limits at the auctions.
At this weeks main Auction, raw materials were allotted US$12,8 million, machinery and equipment US$9,5 million, consumables US$3 million, services US$1,9 million, retail and distribution US$2,5 million among others.
The total value of bids allotted were US$32,6 million with the highest rate received being $120 and the lowest bid rate at $100.
On the Small to Medium Enterprises auction , raw material needs were allotted US$2 million, machinery and equipment US$2,1 million, consumables US$813 235, Services US$549 730.
A total US$39,1 million was allotted on both auctions comprising the Main Auction and SMEs.