Zimbabwe Central bank allotments to productive sectors hit over US$40 million

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THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction platform allotments reached over 40 million US dollars this Tuesday indicating sustained industrial production.

An update released at the close of the auction showed that a total of 41 million US dollars was allotted on the main auction with raw materials accounting for the bulk, testifying growing demand by industries to recapitalise operations.

Machinery and equipment were second, followed by consumables, services, fuel, retail and distribution among others.

The SME’s platform received a total of us$5 million with inputs, machinery and equipment being the main beneficiaries.

Zimbabwe’s official exchange rate reached 84, 61 against the united states dollar easing by 11 cents from last week’s rate

Companies approaching the auction to source foreign currency have increased after the relaxation of covid-19 induced lockdown measures.

The auction system also seeks to facilitate increased output, availability of local goods and price stability.

Central Bank authorities have also indicated their optimism that the current exchange rate stability, increased foreign currency allotments while the anticipated bumper harvest will bolster economic growth in the future. – ZBC