RBZ Foreign Currency Auction Official Rate Climbs To 1:63

Spread This News

By Alois Vinga

THE official foreign currency exchange rate Tuesday rose to US$1:63 at the close of business at the recently launched Reserve Bank of Zimbabwe (RBZ) forex auction system.

Last week’s rate was at 1:57.

The central bank’s report released after the auction shows that US$16.2 million was available on the market which saw the highest bidders offering ZWL$92 for every US$1 with the least bid being at ZWL$32.

However, the market settled for a weighted average rate of ZWL$63.

Out of the available foreign currency, US$7.2 million was allotted towards raw material purchasing while US$2.5 million went to industrial consumables like spares, tyres and machinery equipment purchases.

The food and beverage sector received US$1.7 million with agriculture and medicals receiving US$1 million each.