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Rate reaches Z$84,52 to the US; RBZ launches 43rd forex auction

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According to a statement from the RBZ, 328 328 bids were made with the highest at 88.5000 and the lowest at 82.0000 with some USD32,854,222.02 for the main auction and USD4,513,404.05 for the sme's allotted compared to US$31 387 680, 99 million for the main auction and US$ 4 385 395, 92  million for the sme's last week.

THE  Zimbabwe dollar traded at 84,52 to the US greenback at today’s foreign exchange public sale as the Reserve Bank of Zimbabwe (RBZ) introduced their forty third Auction targeting both large and the small enterprise sector.

A weighted average rate of 84.5282 was recorded Tuesday,  from the 84.5032 which was recorded last week which shows continuity and stability of the rate remaining at 84-85..

According to a statement from the RBZ, 328 328 bids were made with the highest at 88.5000 and the lowest at 82.0000 with some USD32,854,222.02 for the main auction and USD4,513,404.05 for the sme’s allotted compared to US$31 387 680, 99 million for the main auction and US$ 4 385 395, 92  million for the sme’s last week.

The biggest allocation went to raw materials, at US$11 097 737.19 million, followed by machinery and equipment at US$6 798 893.55 million.

Meanwhile the central bank addition of foreign currency auction catering for the SME sector has enabled this sector to access foreign currency for the import of essential services and raw materials for their businesses.

It had become clear that the SMEs sector had been crowded out of the foreign exchange space by big players.The foreign exchange auction system shall continue to be fine-tuned in order that it best serves the interests of the economy.

Bids, which were not eligible in terms of the Priority List, were disqualified. Bids with overdue CD1s, outstanding Bills of Entry (BOEs) and those with sufficient FCA balances were also disqualified.Some Bids were allotted on a pro-rata basis to conform with the Import Priority.

Ross Moyo

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