Zimbabwe: RBZ Allots U.S.$37m As Industry Pins Hope On Stability

Reserve Bank of Zimbabwe (RBZ) Tuesday allotted a total US$37.1 million towards productive priorities at a time when industry has pinned hope on sustained stability as pillars to achieve projected growth going.

A trading update released at the close of trading shows that on the main auction a total of 298 bids were received with US$34.1 million being allotted.

The highest bid rate reached was $87 and a low of $82 with priority allotments sustaining the need to bolster productivity.

Raw materials were allotted US$15 million, machinery and equipment US$5.3 million, consumables US$2.8 million, services US$2 million, retail and distribution US$2.9 million, fuel, electricity and gas US$2.4 million, pharmaceuticals US$2.3 million, paper and packaging US$ 465 503.

On the Small to Medium Enterprises auction 205 bids were accepted and a total of US$2.9 million was allotted.

Raw materials for the SME sector were allotted US$658 141, machinery and equipment US$618 280, consumables US$566 806, services US$281 116, retail and distribution US$195 839, fuel, electricity and gas US$257 000 and pharmaceuticals received US$231 964.

On both platforms a grand total of US$37.1 million was allotted.

The official exchange rate sustained stability closing trades at $83.98 against US$1.

Recently, the Confederation of Zimbabwe Industries (CZI) projected that the country’s capacity utilisation will grow to 61% by year end on the strength of the central bank’s efforts to maintain the obtaining sustainability.

The industry lobby group has since acknowledged the RBZ auction for prompting a 47% capacity utilisation growth in 2020.

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