RBZ Allots USD$ 14 471 109,58 Up From USD$ 10 806 183,25

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya has said a total of US$14 471 109,58 was allotted on Tuesday at the foreign currency auction, up from US$10 806 183,25, which was allotted last week.

Governor Mangudya said, “The bulk of the allotment went to raw materials procurement with US$7 938 975, followed by machinery and equipment at US$942 396.

He added, “The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was US$1 748 201,30.”

This is after the Zimbabwean dollar is trading at $1100 to the US dollar on the black market. In December, the local currency was trading at $900 to the US dollar on the un-official market.

The country’s consumer price inflation, nevertheless, slowed to 243,8% year-on-year in December 2022, down from the previous month’s 255,0% and it moved further away from August’s 18-month high of 285%.

This meant the local Currency further depreciated against the greenback with the Zimbabwe dollar continuing its freefall against the USD$ , with results from the Reserve Bank of Zimbabwe’s foreign currency auction on Tuesday showing that it is trading at $732 to the United States dollar.After last week’s auction, the Zimdollar was trading at $705 to the US dollar.