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Zim dollar slightly eases against US$

Zim dollar slightly eases against US$

Corruption money changing hands

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

Last Tuesday, the exchange rate at the auction was $85.50.

A total of US$46 million was allotted this week, according to the Reserve Bank of Zimbawe (RBZ) with the bulk of the allotment channelled towards raw material procurement followed by machinery and equipment.

The Apex Bank said 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, it said.

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