Another record allotment at RBZ auction as ZWL dawdles within 84

The Zimbabwean economy is not yet out of the woods , according to economic experts

HARARE – There was another record allotment on the Reserve Bank of Zimbabwe’s auction system on Tuesday but the local currency continued to crawl within the 84 band. The local currency depreciated by 0.0418%  against the US dollar from 84.6140 to 84.6494.

A total of 731 bids were accepted out of the 815 received. The number of bids accepted from the SME auction amounted to 401 with a total allotment of US$6.17 million. The 330 bids accepted from the Main Auction received an allotment of US$36.36 million bringing the total amount allotted to US$42.53 million. The value of bids accepted increased by 2.16% from last week’s US$41.63 million. Raw materials received an allotment of US$15.31 million.
This also comes as the RBZ said it had released US$100 million into the market to clear the foreign currency auction backlog, which is stretching up to ten weeks in some cases.
The difference between the highest bid received and the lowest bid received increased to 9.76% from 7.93% . The highest bid received increased from 88.5000 to 89.0000. The difference between the AWR and the highest bid received increased to 5.14% from 4.59%.
The gap between the lowest bid received and the AWR increased from 3.19% to 3.23%.
The difference between the AWR and the 110-cash buying rate decreased from 29.95% from 30.00%.
The difference between and the 115-cash selling rate reduced to 35.85% from 35.91%. The gap between the AWR and the 125-trading rate narrowed to 47.66% from 47.72% while the difference between the AWR and the 130-selling rate decreased from last week’s 53.64% to 53.57%.

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