News / National
Forex auction apportions US$38 million to productive sector
17 Feb 2021 at 15:04hrs | Views
OVER US$38 million was allotted to the productive sectors at yesterday's Reserve Bank of Zimbabwe (RBZ) weekly Foreign Currency Auction Trading System reflecting a 11,44 percent jump from last Tuesday's auction.
This week's allotment is the highest ever since the introduction of the weekly Foreign Currency Auction Trading System in June last year whose objective is to improve access to funds required by companies to import critical raw materials.
According to an update released by RBZ at the close of the auction yesterday, a total of US$38,586 million was allotted largely for raw materials, machinery and equipment, consumable procurement, retail and distribution.
Last Tuesday, a total of 34,626 million was allocated to the productive sectors. The Foreign Currency Auction Trading System is aimed at reducing Zimbabwe's import bill by ensuring that local companies are capacitated through critical raw material supply.
Meanwhile, the Zimbabwe dollar slightly eased against the United States dollar at 83,75 from last week's rate of 83,37.
This week's allotment is the highest ever since the introduction of the weekly Foreign Currency Auction Trading System in June last year whose objective is to improve access to funds required by companies to import critical raw materials.
According to an update released by RBZ at the close of the auction yesterday, a total of US$38,586 million was allotted largely for raw materials, machinery and equipment, consumable procurement, retail and distribution.
Meanwhile, the Zimbabwe dollar slightly eased against the United States dollar at 83,75 from last week's rate of 83,37.
Source - chroncile
