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New Zimbabwe

THE Zimbabwe dollar Tuesday registered a slight decline of 1,9% on the Reserve Bank of Zimbabwe foreign exchange auction platform amid sustained allotments inclined towards revamping industrial productivity.

A trading update released at the close of business shows that the official rate declined to US$1: $118,87 down from US$1:$116,65 recorded last week, a figure representing a 1,9% decline.

Although a bit higher than the official market rates, parallel market premiums have been relatively stable over the last two weeks with premiums ranging between US$1:$200 up to a high of US$1:$240.

The SME Auction received 798 bids with worth of US$7,6 million but however US$6,9 million was allotted with highest bidding rates reaching $135 received and a low of $115

Raw materials allotted US$1,8 million, machinery and equipment US$2,2 million, consumables US$876 554, Services US$916 491, retail and distribution US$568 363, electricity $20 620, pharmaceuticals and chemicals US$353 407, Paper and packaging US$158 511.

The total sum allotted on the platform was US$6,9 million.

On the Main Auction, 451 bids were approved with raw materials being allotted US$11,8 million, machinery and equipment US$7,9 million, consumables US$3,5 million, services US$1,6 million, retail and distribution US$3,2 million, pharmaceuticals US$1,3 million.

The total allotted US$30,1 million and the two auctions combined, a grand total of US$37,5 million was allotted on the two platforms.

This comes as the Grain Millers Association of Zimbabwe (GMAZ) Tuesday declared measures being introduced by the RBZ in its Monetary Policy Statement issued Monday to tame inflation would help boost economic growth.

“The MPS enunciated by the RBZ governor, John Mangudya is positive, progressive, adequately prescriptive in addressing the economic challenges largely caused by the COVID-19 restrictions, in order to promote aggregate demand and spur economic growth,” GMAZ chairman Tafadzwa Musarara said in a statement.

“The decision to allow 100% foreign currency retention by exporters will not only improve the country’s export competitiveness but will encourage non-exporting companies to commence exports. More importantly, the 75% forex retention by tobacco and Cotton farmers will inject much needed cash in the farming and rural economies, enabling them to meet their food and social amenities needs,” he said.

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