List of 1 375 companies that were allotted money at the forex auction in May


Nearly 1 400 companies and small businesses were allotted US$79.3 million at the foreign exchange auction in May bringing the total so far disbursed by the auction to US$4.1 billion.

The auction, however, catered for only 10% of the foreign payments made so far this year with foreign currency accounts contributing 87% and the interbank market a paltry 3%.

A total of US$756.2 million was paid out with US$662,9 million coming from FCAs and US$14 million from the interbank market.

The Reserve Bank of Zimbabwe has reduced the money allocated to the auction to a maximum of US$5 million a week and has introduced a wholesale forex auction. It is slowly surrendering the forex market to banks and has liberalised the exchange rate to facilitate this.

Even the top 10 beneficiaries have changed with the only constant being Varun Beverages which was at the top and United Refineries which was at number 9. In second spot was Mount Meru Milling, followed by Dendairy, Cafca, Metbank, Mega Market Milling, Mega Market, Prodairy, United Refineries Limited and Restapedic Manufacturing.

Below is the full list of beneficiaries.

Continued next page


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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.


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