Zim Dollar remains steady against USD

By ZBC Reporter
THE Reserve Bank of Zimbabwe conducted 2021’s second foreign Currency Auction this Tuesday with the local currency remaining steady against the greenback at $82.08 per one United States dollar.
The Zimbabwe dollar this Tuesday only shed a unit from last week’s $82.09 to $82.08.
A total of 35.3 million United States dollars was released for this week, half a million short of last week’s total disbursement.
36 bids out of the 517 at the market this Tuesday were rejected for non-compliance to requirements, leaving 479 bids eligible.
Raw materials continue to dominate this market determined auction system with 15.5 million United States dollars being channelled towards production.
Also, the retooling exercise of the industry through purchase of machinery and equipment got a boost of 6.8 million United States dollars, whilst key economic enablers that are: fuel, electricity and gas received 3.6 million United States dollars.
Pharmaceuticals and Chemicals received 1.9 million United States dollars whilst Paper and Packaging received 460 thousand United States dollars.
The continued stability of the Zimbabwe dollar against the United States dollar speaks volumes of the resilience of the current macroeconomic environment.

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