Zim-Dollar gains marginally against US

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THE Zimbabwe dollar has once again gained marginally over the US dollar, speaking volumes about fiscal authorities’ consolidation of exchange rate and economic stability.
The United States dollar is now selling at 81.35 Zimbabwe dollars, down from 81.44 last week.

A total of over 29 Million United States dollars was allocated this Tuesday with a massive 418 bidders participating at the RBZ auction system this Tuesday.

Ever since the introduction of the RBZ Auction system, there has been notable progress in monetary authorities’ drive to a lay the critical foundation for stability and economic growth through exchange rate stabilisation.

Statistics show that a large amount of money continues to be channelled to the country’s productive sectors as more than half of the forex allotted to date has gone to the procurement of essential raw materials for production purposes and productivity.

The positive results from the auction system for the Small to Medium Enterprises and the main platform is expected to allow businesses to plan and forecast accurately for their operations in the medium to long term, which was previously not possible.