RBZ latest foreign currency auction results

The Reserve Bank of Zimbabwe (RBZ) has released the results of its latest foreign currency exchange auction, showing how the allotments were distributed.

The biggest chunk was given to raw materials, machinery and equipment, followed by consumables in that order.

Apparently, some bids were allotted on pro-rata basis, while others were disqualified for various reasons.

The local currency has continued with its bad performance trend on the market.

Meanwhile, some retailers are reportedly rejecting payment in Zimdollars or limiting the number of items people can buy in local currency, which they say has become very unstable.

The Zimbabwe dollar was reintroduced in 2019 after a decade of the multicurrency system but it has been depreciating alarmingly.

On the parallel market, the Zim dollar is trading between $2 100 and $2 200 to the greenback, and US$1 036 on the official market.

Zwnews