Categories
Default

Zimbabwe: RBZ Auction Supports 800 Companies With Forex in 8 Months

RESERVE Bank of Zimbabwe (RBZ) foreign currency auction system has to date supported 788 companies with foreign currency in a development which has established the bank as the dominant US dollar source for business.

Last week, the central bank published a list of 100 companies and this week an additional list of 688 companies was availed.

“Pursuant to the publication of the list of the top 100 beneficiaries under the Foreign Exchange Auction System on 16 March 2021, the Bank has found it necessary and in the public interest to publish hereunder an additional list of entities that have benefitted from the foreign exchange auctions for the period 23 June 2020 to 28 February 2021,” RBZ governor, John Mangudya said.

Companies like Cangrow, Stanbic Investor Services, Blue Ribbon Foods and Surface Wilmar are part of the top 10 beneficiaries on the list.

To date, a total amount of US$12 million has been the highest allotted amount on the auction with US$100 000 being the least amount.

Meanwhile, this week’s foreign currency auction platform sustained stability with the main auction receiving 333 bids, rejecting 49 and allotting a total US$32.4 million.

Priority allotments went towards raw material needs, which received US$12.8 million, machinery and equipment US$7.5 million, consumables US$2.8 million, services US$1.7 million, retail and distribution US$1.9 million among other key priorities.

The Small to Medium Enterprises auction received 298 bids out of which 75 were disqualified with a total US$3 million being accepted.

On both platforms, the highest bidding rate of $87 against the US dollar and the lowest of $82 were realised with a grand total of US$35.5 million being allotted.

The exchange rate slightly weakened to close trading at $84.11 against US$1 up from $83.98 recorded last week.

Leave a Reply

Your email address will not be published. Required fields are marked *