Categories: Stories

How the US$1.73 billion disbursed through the auction was used

Zimbabwe disbursed US$1.73 billion through the foreign currency auction system between June last year and July this year and 70% went to the productive sector.

According to figure released by the central bank on Friday, 41% was used for the procurement of raw materials, 19 % for machinery and equipment and 10% for consumables.

Fuel, electricity and gas only accounted for 6% while 8% went to retail and distribution.

Pharmaceutical and chemicals got 7% while services were also allocated 7%.

(125 VIEWS)

This post was last modified on August 9, 2021 8:54 am

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024

Zimbabweans against extension of presidential term in office

Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…

October 11, 2024

Zimbabwe government biggest loser when there is a discrepancy in the exchange rate

The government is the biggest loser when there is a discrepancy between the official exchange…

October 10, 2024

What is wrong with Zimbabwe? It’s not the economy but the government and its leadership

Zimbabwe is currently in turmoil after it devalued its five-month old currency, the Zimbabwe Gold…

October 1, 2024

Zimbabwe devalues ZiG by 44%, reduces amount people can take out from $10 000 to $2 000

Zimbabwe today devalued its local currency, the Zimbabwe Gold (ZiG), by 44% to trade at…

September 27, 2024