By Alois Vinga

THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week saw machinery and raw material needs gulping a total US$13 million with the official exchange rate slightly waning against the greenback.

A trading update released at the close of trading Tuesday shows that a total US$8,56 million was allotted for raw materials needs with the SME Auction receiving US$603 795,73  and the Main Auction receiving US$7,959,704,89 .

Machinery and equipment needs received a total US$3,8 million with the Main Auction receiving US$3,2 million and the SME Auction getting US$610 601,33.

The sustained trajectory to revamp the country’s local industry’s productivity which commenced back in June 2020 is in sync with latest findings by industry lobby group, Zimbabwe National Chamber of Commerce (ZNCC) latest survey.

“Capacity utilisation in industry and commerce increased by 15,5% in 2022 to 63% from 45,5% in 2021, on the back of  performance in information and communication technology, transportation and storage, and mining and quarrying, where capacity was above 75%,” the report said.

The update also revealed that the official exchange rate decreased to ZW$907,92 against the greenback down from ZW$ 892,62: US$1 recorded last week.

On the Main Auction, 190 bids were accepted totalling US$15,9 million with needs such as consumables US$3,2 million , services US$1,9 million , retail and distribution US$1,1 million , electricity US$410 374, paper and packaging US$145 589.

On the SME Auction a total US$2,1 million was allotted to support the needs of upcoming entrepreneurs.