HARARE – The local currency continued to slip against the USD after it depreciated marginally this week against the dollar. In the latest auction in which bidders continued to get all of the money they bid at their various rates, the local currency shed 0.075%. The ZWL’s latest loss will make it trade at 81.8765 this week against the dollar from 81.8151 attained last week.
This week the highest allotted rate was 90, gaining on last week’s 88.33. The lowest rate for the main auction came in at 80 which is unchanged from last week thereby widening the spread between bids to 12.50% from 10.41% last week.
A record total of US$33.34mln was apportioned to both the Main Auction (US$31.19m) and SMEs (US$2.15m) at the recent auction after a combined 431 bids were accepted and 55 were rejected.
Raw materials continued to receive the highest allocation at US$15.1 mln, Machinery and Equipment US$4.2 mln, Consumables US$3 mln, Fuel, Electricity and Gas US$3.6 mln. Other amounts below US$3 mln were allotted to Services, Pharmaceuticals and Chemicals, Paper and Packaging and Retail and Distribution.
The difference in the average weighted rate and the highest bid widened this week as it came in at 9.03% from 7.38% of the previous auction. The difference between the parallel market rate and the weighted average rate remained flat at 23.02 from 22.08 last week as there are no changes on the parallel market.
The cash parallel market rate like other parallel market rates has remained stagnant for thirteen weeks now. The Zipit rate also remained stuck at 104 for large amounts. Mobile money rates were quoted at 95-98 and Zipit lower amounts are currently at 100 per US$1. Cryptocurrencies are riding on a number of negative events happening in the west and in Europe. With the Americas fighting a hurricane and the resurgence of lockdowns in Europe, Bitcoin lost 2.35% to $19 032.00. Ethereum and Bitcoin Cash saw a day of gains on the market with the former adding 1.06% to 609.97 whilst the latter closed 0.83% stronger at $302.90.
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