Rbz auction results – Zim dollar depreciates

The Zimbabwe dollar shed 16% against the greenback on the foreign exchange market yesterday.

The rate was at US$1:ZW$1,404.8039 compared to US$1:ZW$1,212.5448 recorded last week.

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The central bank allotted a total of US$14,444,323.31 to industry.

The biggest beneficiary was raw materials, followed by machinery and equipment.

The small to medium enterprises forex auction was allotted US$1,576,700.13 while the main forex auction was allotted US$13,171,159.91.

The forex auction remains a vital tool for companies to access foreign currency for retooling and buying working capital frequirements.

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John Tanyanyiwa

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