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Suppliers Demand USD$ Payments Only, Prioritise USD$ Denominated Orders Threatening Stability

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.

Some suppliers are already demanding US dollar payments only, while others are prioritising US dollar denominated orders at the expense of locally denominated orders  according to industry players.

According to industry representative body the Confederation of Zimbabwe Industries (CZI), the widening premium arbitrage, distortions and inflation pressures are threatening stability that was being enjoyed.

“This has also increased preference for the USD among economic agents making the ZWL$ vulnerable and the inflation environment precarious,” reads part of CZI’s briefing to its members.

In September, inflation showed signs of creeping up after increasing by 51.55 percent from 50.24 percent in August 2021.

Furthermore, the month-on-month inflation rate in September was at 4.73 percent, representing an increase of 0.55 percent from the August 2021 rate of 4.18 percent.

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