RBZ allocates US$37 million to industry through auction

By Stanely James Business Editor
A five hundred million Zimbabwe dollar facility for micro, small and medium enterprises has been approved by the Reserve Bank of Zimbabwe, with productive sectors being allocated 37 million United States dollars at the weekly foreign currency auction.
According to the resolutions of the Monetary Policy Committee meeting, the facility will be accessed from banks at 30 percent per year.
The facility is aimed at improving production and productivity as monetary authorities forge ahead with a conservative policy stance to maintain the current stability.
Central bank authorities also resolved to maintain the bank policy rate at 40 percent, with a year on year inflation target of 55 percent being projected by July.
This week’s foreign exchange auction saw a total of 37 million United States dollars being allocated to key productive sectors.
The Zimbabwe dollar official exchange rate against the United States dollar eased by over 12 cents to 84.52 compared to 84.50. last week.
Productive sectors of the economy were the main beneficiaries of the foreign currency allocations.
Small to medium enterprises received a total of over 4, 5 million United States dollars in line with the central bank’s priority list on the foreign currency auction system.

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