Zim dollar maintains stability after first auction of the year

THE Foreign Currency Auction Trading System resumed activity after the festive season break with the Zimbabwe dollar maintaining stability despite marginally weakening by 0,44 percent from an exchange rate of 81,73 before the festive season break.

According to the first post-festive season forex auction conducted Tuesday this week, the Zimbabwe dollar traded at 82,09.

A trading update released by the Reserve Bank of Zimbabwe (RBZ) after the Small to Medium Enterprises and the main foreign currency auction sessions total bids of US$33 million were on the foreign currency auction main market with US$2,8 million on the SMEs auction.

Allotments from the two auction systems were largely for raw materials, machinery, retail and distribution, services, fuel, electricity and gas, as well as paper and packaging among others.

The forex auction system was closed on December 21 as most firms had closed for the festive season.

Source – chronicle

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