Zimbabwe forex auction allots US$44 million to more than 1 000 bids


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The Zimbabwe dollar today remained stable against the United States dollar easing by only two cents as the foreign exchange auction allotted US$44.1 million to 1 009 bids.

A further 84 bids were disqualified.

The local currency averaged 85.7467 against last week’s 85.7286.

Offers widened from 82-91 last week to 82-92 today.

Zimbabwe has so far disbursed US$1.8 billion through the auction which was launched on 23 June last year.

More than 4 500 had benefitted from the auction up to the end of July with 70% of the funds going to the productive sector. Raw materials accounted for 41% of the funds.

Here are the 4 519 companies that got funds from the auction up to the end of July.

(56 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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