News / Local
Zimdollar slides against US$ at forex auction
02 Feb 2022 at 17:46hrs | Views
THE Zimbabwean dollar yesterday further weakened against the United States dollar at the weekly forex auction system where it traded at Z$116,7 to the green back.
The forex auction system resumed on 18 January 2022 with the exchange rate pegged at $112, 82 and last week on Tuesday the local dollar dropped to $115, 4, which was a 3,5 percent decline since the reopening of the auction and 1,08 percent decline from the last week.
In a latest, the Reserve Bank of Zimbabwe (RBZ) indicated that US$37,5 million was awarded as the grand total to the auction with US$30,8 million being allotted to the main auction and US$6,7 million allotted to the Small and Medium Enterprises (SMEs).
As has been the tradition, much of the forex was awarded towards the procurement of raw material with US$14,9 million being allotted to both the main auction and SMEs.
The forex auction system resumed on 18 January 2022 with the exchange rate pegged at $112, 82 and last week on Tuesday the local dollar dropped to $115, 4, which was a 3,5 percent decline since the reopening of the auction and 1,08 percent decline from the last week.
As has been the tradition, much of the forex was awarded towards the procurement of raw material with US$14,9 million being allotted to both the main auction and SMEs.
Source - The Chronicle
