Zimbabwe auction allots record US$47.2 million to 982 businesses


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The Zimbabwe foreign exchange auction, which is now in its 13th month, today allotted a record US$47.2 million to 982 businesses including 626 small and medium enterprises which got US$9.9 million.

The Zimbabwe dollar remained stable easing insignificantly from $85.6373 to $85.6402 despite the offer range widening from $82 to 90 last week to $82 to $92.

The auction has so far disbursed more than US$1.7 billion since it was started on 23 June last year but US$1.1 billion was allotted this year.

The auction has helped stabilise the country’s economy with inflation falling from a peak of 837.5%  in July last year to  56.4% this month.

(54 VIEWS)

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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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