Latest RBZ auction results, how allotments were made

The Reserve Bank of Zimbabwe RBZ has released its second auction results for the year, after reopening last week.

Meanwhile, from the RBZ details, more resources were allotted to raw materials, machinery, followed by consumables and social services.

In December 2022, the RBZ announced that it was closing its weekly foreign exchange auction until 9 January 2023.

Apparently, speaking to NewsDay, economic commentator Gift Mugano said the closure of the RBZ auction will have no effect on the market.

“Mainstream imports by businesses are coming from companies’ own foreign currency generation at various levels.

“Because of the dollarisation, companies are generating their own foreign currency through sales, they are self-sustaining.

“In my view, I don’t see any effects of the closure of the auction system,” he said.

Another economic analyst Prosper Chitambara also told NewsDay that the closure of the platform will have no effect as most businesses will be on holiday.

“It is not going to affect the market much as most actors in the economy are going to close for the holiday, so I think the time will coincide with annual shutdowns by most businesses.

Zwnews