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Zimdollar slides to $604.2 against US dollar

by Staff reporter
14 Sep 2022 at 05:46hrs | Views
THE Reserve Bank of Zimbabwe (RBZ) has allotted a combined US$15, 625 million to the main and Small and Medium Enterprise (SMEs) foreign exchange platforms this week, a slight increase from last week's US$14,148 million.

The Zimbabwean dollar also weakened against the United States dollar at the weekly forex auction system, trading at $604.2 to the green back, according to the Apex Bank's latest report.

During today's auction, a total of US$13,429 million was allotted to the main auction and US$2,196 million went to the SMEs, RBZ said in an update.

As has been the tradition, the bulk of the foreign currency was allotted towards procurement of raw material, machinery and equipment for both auction units.

The main auction received 127 bids   while the SMEs auction received 266 bids and seven were accepted.

Last week, the local currency traded at $580.1 against the United States Dollar.

Since its introduction in June 2020, the official forex trading platform continues to play a critical role in supporting the productive sector to access forex resources.

Source - The Chronicle
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