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Official rate shifts to 81.49

The Zimbabwe dollar was reintroduced last June

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Zimbabwe’s official foreign currency rate – as determined by the central bank’s foreign currency auction system – shifted to 81.49 to the United States dollar from 81.70 previously.

This effectively means that the Zimbabwe dollar, which was re-introduced last June – strengthened by 0,25 percent against the United States dollar in the weekly foreign currency auction.

The official auction system has moved big business from the illegal foreign currency market.

Today’s auction saw foreign currency allocation this week rise to a record US$31,6 million, up from last week’s US$21, 1 million.

The highest bid on the main auction was $86,7, while the lowest accepted bid was 78.

And on the SMEs segment the highest offered was $86, while the lowest accepted bid was 78, showing a convergence on the bid levels between the two boards.

The auction saw big firms receiving a total allocation of US$30,4 million, while smaller businesses received a total of US$1,22 million.

Total successful bids on the main auction were 266, who received US$30,4 million while 35 bids disqualified.

On the SMEs auction, 95 valid bidders received the total of US$1,22 million, while 22 bids were disqualified.

Raw materials segment accounted for the bulk of the allotments with US$13, 56 million on the main auction and US$367 244 on the SME board.

Machinery and equipment came in second with US$5, 72 million on the main and US$210 272 on the SMEs, and consumables.

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