Zimbabwe dollar falls by $2.22 against the US dollar

The Zimbabwe dollar today fell by $2.22 to average $118.8748 against the United States dollar down from $116.65last week.

A total of 1 133 bids, 723 from the smalland medium enterprise sector were allotted US$37.2 million with only US$7 million going to SMEs.

The lowest offer was S115 and the highest $135.

The central bank said yesterday US$1.97 billion was allotted through the auction last year, representing 97% of total bids submitted to the auction. This amount represented about 30% of total foreign payments processed by banks

The share of allotments to SMEs sector rose from 8% in first quarter of 2021 to 19% in the fourth quarter.

There was a marked increase in the number of participants on the auction system as applicants rose from about 500 at the beginning of 2021 to reach a peak of just over 2 000 by year-end.

Foreign currency allotments to productive sectors

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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.