Official Exchange Auction Declines By 1,37%

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By Alois Vinga

THE official exchange rate recorded yet another slight decline of 1,37% last week on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange auction, with the bulk of allotments going into the production sector.

A trading update shows that the official exchange rate deteriorated to US$1: $120,51 down from US$1:$118 recorded last week signifying a 1,37% decline.

However, allotments made during the day sustained the productivity spurring objective and on the Main Auction, a total 468 bids were accepted with a value of US$32,7 million.  Exchange rates on the platform reached a high of $135 and a low of $119.

Important needs like raw materials were allotted US$11,9 million, machinery and equipment US$6,7 million, consumables US$3,1 million, services US$2,6 million, Retail and distributionUS$2,9 million, electricityUS$113 813, pharmaceuticals US$1,2 million, Paper and packaging US$629 066.

Out of the accepted bids, a grand total of US$29,5 million

On the SMEs Auction, a total 844 bids were accepted with a total value of US$7,6 million

Raw materials US$1,7 million, machinery and equipment US$2,5 million, consumables US$1,1 million, services US$1 million, retail and distribution US$617 456, electricity US$31 770.

The total allotted on the platform was US$7,6 million.