{"id":34539,"date":"2021-02-10T19:11:17","date_gmt":"2021-02-10T17:11:17","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=34539"},"modified":"2021-02-10T18:55:29","modified_gmt":"2021-02-10T16:55:29","slug":"rbz-auction-allotments-increases-to-us35m","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-allotments-increases-to-us35m","title":{"rendered":"RBZ Auction Allotments Increases To US$35m"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Alois Vinga<\/b> – THE RESERVE Bank of Zimbabwe (RBZ) has managed to sustain foreign currency supplies allotting a total US$34.6 million this week.<\/p>\n

Since the auction kicked off this year, amounts allotted have been much higher compared to last year\u2019s figures.<\/p>\n

The central bank has been allotting amounts hovering around US$35 million signifying increasing confidence in the market.<\/p>\n

An update released at the close of trading Tuesday shows that US$31.9 million was allotted on the main auction with raw materials and machinery needs receiving US$14.2 million and US$4.5 million respectively among other allotments.<\/p>\n

The Small to Medium Enterprises platform received a total US$2.6 million with main priority going towards raw materials, machinery and equipment among other items.<\/p>\n

The official exchange rate reached $83.37 against US$1.<\/p>\n

This comes as the parallel market is paying between $90 and $100 for every US$1 but remains incapacitated to pull high volume transactions as compared to the auction system.<\/p>\n

International best practices state that there should be a 10% difference between the official and black market rates.<\/p>\n

Economist Persistence Gwanyanya told NewZimbabwe.com Business the latest auction is a semblance of forward planning by the RBZ.<\/p>\n

\u201cThe central bank exercised foresight by mobilising more foreign currency through the policy which directs exporters to surrender 40% of their foreign currency. On a positive note, banks have been directed to transfer all the allotted US$ immediately after the auction,\u201d he said<\/p>\n

He said this marked a departure from the delays which were experienced towards the end of 2020.<\/p>\n

\u201cIt\u2019s certain that the auction will continue to run smoothly without clich\u00e9s before the commencement of the tobacco selling season which will further spur the market,\u201d Gwanyanya added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga – THE RESERVE Bank of Zimbabwe (RBZ) has managed to sustain foreign currency supplies allotting a total US$34.6 million this week. Since the auction kicked off this year, amounts allotted have been much higher compared to last year\u2019s figures. The central bank has been allotting amounts hovering around US$35 […]<\/p>\n","protected":false},"author":84,"featured_media":34538,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":["post-34539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nRBZ Auction Allotments Increases To US$35m - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga - THE RESERVE Bank of Zimbabwe (RBZ) has managed to sustain foreign currency supplies allotting a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-auction-allotments-increases-to-us35m\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ Auction Allotments Increases To US$35m\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga - 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