Zimbabwean dollar continues with stability streak

THE Zimbabwe dollar has for the third time in a row this year maintained stability against the United States dollar trading at 82,67 during this week’s auction from 82,03 last week.

The weekly Foreign Currency Auction Trading System, which resumed activity on the 12th of January this year after breaking for the festive season holiday on December 21 last year, has brought stability of the exchange rate in recent months.

A trading update from the Reserve Bank of Zimbabwe (RBZ) after the Small to Medium Enterprises and the main foreign currency auction sessions conducted this Tuesday also showed total bids of US$37,1 million were on the foreign currency auction market with US$2,62 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 SMEs auction received 196 bids, with six being rejected while the main foreign currency auction had a total of 337 with 27 being disqualified. –