Zimbabwe dollar falls by 13 cents as auction allots US$46 million to 914 entities

The Zimbabwe today fell by 13 cents to average 85.6373 against last week’s 85.5099 as the foreign exchange auction allotted US$46 million to 914 entities.

Offers remained within the $82 to $90 range with 544 small and medium enterprises and 370 large companies qualifying.

The SMEs were allotted US$8.7 million and companies US$37.3 million, with a total of US$17.1 million going to raw materials and US$11.5 to machinery and equipment.

Latest figures from the Zimbabwe National Statistics Agency show that in May Zimbabwe imported goods valued at US$503.1 million. Machinery accounted for 15.5%, fuels 12.6%, cereals 5.7% and pharmaceuticals 3.7%.

Exports grew by 9.5% to US$486.8 million. Main exports were nickel mattes, ores and concentrates (38.6%) and semi-manufactured gold (16.1%).

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