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New Zimbabwe

THE Zimbabwe dollar depreciated by 3,3% on the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction platform this week amid sustained allotments prioritising support to key productive sectors of the economy.

The decline is equivalent to 3,3% from last week’s figures.

Analyst at Ethos Capital Partners, Yona Menon described the movement of the exchange rate as a realistic development which will reduce the gap between the official and parallel market rates.

The depreciation comes after almost a year’s long stable official exchange rate of US$1: $85.

Parallel market trade is currently fetching around US$1: $160.

Meanwhile, on the Main Auction, 559 bids were received which totaled US$37,3 million out of which  US$36,6 million was allotted.

The highest bidding rate on the platform reached $102 and priority towards productivity was sustained with raw materials being allotted US$13,7 million, machinery and equipment US$9,8 million.

On the Small to Medium Enterprises Auction, a total 1 369 bids were received out of which US$37,3 million was allotted on the platform.

Raw materials US$3 million, machinery and equipment US$3,4 million, consumables US$1,8 million.

The highest bidding rates reached $105 and a low of $88,50.

A total of US$47,7 million was allotted on both two platforms.

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