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Raw Materials Priority As RBZ Governor Resumes Forex Auction While ZimDollar Retreats

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Raw materials have continued ruling the roost as traditional top priority in 2022 after the apex bank continued its usual trend of allocating more resources.

This comes as Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya yesterday resumed his 76th Main Foreign Currency Auction and about 72nd SME forex auction with the Zimbabwe dollar trading at one hundred and twelve dollars and eighty-two cents to the United States dollar.

Almost US$31 million was allocated to various economic needs.

The forex auction maintained it’s usual norm where, raw materials accounted for the largest chunk with US$12.4 million, while machinery and equipment were allocated second most with US$8.5 million.

USD$10,1 million was allotted to Services, Retail and Distribution, Electricity, Pharmaceuticals, Chemicals, Paper and Packaging.

812 bids were accepted and allotted.

ross moyo

Resumption Of Deferred 76th Main RBZ Foreign Currency Auction Sees Zimbabwe Dollar Drop

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