A total of US$16 million was allotted to various sectors of the economy, with the main auction taking US$15.04 million and the SMEs taking US$0.98 million. According to results from the Reserve Bank of Zimbabwe, raw materials were allotted US$6.42 million, Consumables US$1.42 million, Retail and Distribution US$1.05 million, Machinery and Equipment US$3.7 million and Services at US$1.59 million. Other amounts below US$1 million were allotted to Pharmaceuticals and Chemicals, LPG Gas, Paper and Packaging and Fuel and Electricity.
Cumulatively for the 11 weeks, the auction has traded US$166.07 million while OTC trades are averaging between US$25-$30 million. Monetary Policy Committee member Eddie Cross says that the RBZ has held a surplus forex position over the last three auctions and all qualifying bids are being allotted at whatever rate they are bidding.
The lowest bid rate was at $76 and the highest at $87.5. The difference between the highest and lowest bid continues to narrow as it moved to 15.13% from 17.33% last week. The average weighted rate is now 4.78% lower than the highest bid from 5.23% last week. Parallel market rate and average weighted rate difference increased to 27.55% from 27.48% seven days ago.