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.
(81 VIEWS)
This post was last modified on %s = human-readable time difference 10:31 pm
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…