THE Governor of the apex bank, the Reserve Bank Of Zimbabwe, Dr. John Panonetsa Mangudya has not run out of ideas since his inception as Governor of the Reserve Bank in both the old dispensation and moreso in the Second Republic.He has lived up to his name ”Panonetsa” ensuring he worries anything worrying the economy as the Zimbabwe dollar has slightly weakened to 85,63 against the US dollar at this week’s foreign currency auction platform conducted this week.
Last Tuesday, the exchange rate at the auction was $85.50.
A total, US$46 million was allotted this week, with the bulk of the allotment channelled towards raw material procurement followed by machinery and equipment.
A total of US$8,7 million was allocated to the Small to Medium Enterprises auction against US$37,3 million that was allocated to the main auction.
The main auction received a total of 402 bids from which 370 were accepted while 32 were disqualified.
The SMEs auction received 588 bids with 544 accepted and 44 disqualified.