Record USD allotment at auction as Zim dollar trades unchanged

Harare, (New Ziana) – The Zimbabwean dollar traded unchanged at $81.67 against the greenback on Tuesday, with a record
US$31.39 million being auctioned during the weekly trade.

The highest rate on offer was $86.3 down from $90 last week, while the lowest accepted was $80 up from$79.1.

Data from the Reserve Bank of Zimbabwe shows that while the rate unchanged from last week, the amount of money allotted to buyers was up from US$28.29 million.

The previous highest amount of money that was allotted was US$31.64 million on September 22.

The bulk of the funds, as usual went to the main auction where big companies are trading, with US$29.48 having being allocated while US$1.84 million was allocated to small to medium scale enterprises.

Raw materials, machinery and equipment as well as fuel, gas and electricity got the lion’s share of the allocation.

A combined total of 391 bids were accepted while 29 were rejected for various reasons including failure to submit Bills of Entry on time.

The local unit has largely stabilised since the auction was introduced in June, when the rate was still fixed at US$1 to ZWL$25.
New Ziana