FOREX AUCTION: Zimbabwe Dollar Continues To Shed Value As Rate Surpasses The $80 Mark
The Zimbabwe dollar continued on a downward trend after trading at an average of $80.4663 this week down from an average of $76.76 at last week’s Reserve Bank of Zimbabwe (RBZ) foreign currency auction.
The total allotted amount was USD18 531 336.74 up from USD14 356 193.21 allotted last week.
In relation to demand and supply, the demand during the first week was USD11 million and the central bank allotted USD10 million whereas this Tuesday the demand stood at nearly USD20 million while USD18.5 million was allotted.
The trend shows that the rates are converging meaning there is no huge difference on the rates like before.
Fuel, Electricity and Gas category and Paper and Packaging category were allotted more than they were allotted last week.
Notably, there was a reduction in Raw Materials’ allocation and a huge jump almost tripling in Pharmaceuticals, a development that can be attributed to the surge in Coronavirus cases in the country lately.
Click on this link for more on last week’s auction.
