HARARE – The Reserve Bank of Zimbabwe allotted its highest foreign currency to date at the weekly foreign currency auction Tuesday as the local currency continues to regain strength.

The Zimbabwe dollar gained 1.2% to 81.7076 from 82.6993 last week. A total of US$21.2 million was allotted to various sectors of the economy, with the main auction taking US$20 mln and the SMEs taking US$1.14 mln.

However, there are still reports of 2-3 weeks delay in allocations, which, as reported last week, are mainly due to structural settlement issues in the banking sector (one commercial bank) particularly over how offshore nostro dollars are cleared.

According to results from the RBZ, raw materials were allotted US$8.72 mln, Machinery and Equipment US$3.42 mln, Services at US$2.13 mln, Consumables US$1.69 mln, Retail and Distribution US$1.67 mln. Pharmaceuticals and Chemicals, LPG Gas, Paper and Packaging and Fuel and Electricity also received amounts above US$1 mln as all categories bid amounts above the benchmark

 

The lowest rate was at $75 and the highest rate at $88. The difference between the highest and lowest bid narrowed after it moved to 17.33% from 20.55% last week. The average weighted rate is now 7.15% lower than the highest bid from 6.02% last week due to its continued appreciation. The parallel market rate and average weighted rate difference increased to 28.95% from 28.09% a week ago –FINANCIAL EXPRESS

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