The Zimbabwe dollar traded at 85 against the United States dollar, fundamentally unmoved from the prior week after today’s Reserve Bank of Zimbabwe (RBZ)’s foreign currency auction.

The country’s central bank remains the key supplier of foreign currency for industry and other essential enterprises.

The total number of bids on the auction platform marginally declined to 946 from a record high of 997 last week.

880 bids were fully allotted.  

This week the highest bid on both the SMEs and main platform was $90, while the lowest rate allotted on both platforms was $82. 

The auction system’s foreign currency disbursements to industries saw raw materials accounting for the bulk of allotments at US$14,4 million on the main auction and US$1,9 on the SMEs section.

Total allocations of the greenback was lower at US$44,7 million from record levels of US$46,9 million previously.

According to the data, all accepted bids were fully allotted, with the big companies being allotted the bulk of the foreign currency at US$36,9 million, while SMEs took up US$7,8 million.

The machinery and equipment segment came in second with US$8,2 million on the main and US$1,97 million on the SMEs section. And consumables came in third on the main auction at US$2,9 million; but on the SMEs section, consumables took up US$1,93 million.