Zimdollar remains stable

THE Zimbabwe dollar remained stable this week, slightly weakening to $85,63 against the United States dollar at this week’s foreign currency auction platform conducted on Tuesday.

The previous Tuesday, the exchange rate at the auction was $85,50. A total of US$46 million was allotted this week with the bulk of the allotment channelled towards raw material procurement followed by machinery and equipment. A total of US$8,7 million was allocated to the Small to Medium Enterprises auction against US$37,3 million that was allocated to the main auction.

The main auction received a total of 402 bids from which 370 were accepted while 32 were disqualified. The SMEs auction received 588 bids with 544 accepted and 44 disqualified.