{"id":48288,"date":"2021-10-14T19:08:49","date_gmt":"2021-10-14T17:08:49","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=48288"},"modified":"2021-10-14T19:01:12","modified_gmt":"2021-10-14T17:01:12","slug":"rbz-allots-us36m-amid-calls-for-dialogue","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rbz-allots-us36m-amid-calls-for-dialogue","title":{"rendered":"RBZ Allots US$36m Amid Calls For Dialogue"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Alois Vinga<\/b> – RESERVE Bank of Zimbabwe\u2019s (RBZ) foreign exchange auction system this week went against volatility headwinds, allotting US$36 million with the objective to spur productivity amid calls for wealthy corporates to exercise responsibility through engagement for sustained stability.<\/p>\n

A trading update released at the close of business Tuesday shows that a total of 1 775 bids were submitted on both the Main and SME auction platforms indicating an increase in demand for the greenback.<\/p>\n

On the Main Auction platform, raw materials received US$11 million, machinery and equipment US$7, 8 million, consumables US$3 million, services US$980 656, retail US$3,2 million among others.<\/p>\n

A total of US$28, 3 million was allotted on the main auction platform.<\/p>\n

On the SME Auction raw materials were allotted US$2,4 million, machinery and equipment US$2,4 million, consumables US$1,2 million, and services US$608 013 resulting in a total of US$7,9 million being allotted on the platform.<\/p>\n

The official exchange rate weakened slightly after the Zim- dollar moved from the US$1:$85 recorded last week to US$1: $90.<\/p>\n

Analysing the outcome, economist Persistence Gwanyanya hailed the depreciation of the exchange rate saying it signifies swift responses to the commitment made by the central bank this week.<\/p>\n

\u201cThe movement of the rate brings a measure of confidence in yesterday\u2019s process indicative of streamlining and strengthening the auction system by eliminating surrogates.<\/p>\n

\u201cThe banks committed to uphold Know Your Customer requirements and we hope that the past errant practices where large corporates were funding small companies\u2019 bids will be a thing of the past,\u201d he said.<\/p>\n

He urged auction stakeholders to exercise responsibility underscoring the sensitive nature of the economy which easily responds to even non-economic market dynamics.<\/p>\n

\u201c If stakeholders are honest and true to their expressed commitment we will see a return in stability. The central bank cannot achieve this alone considering that more than half of the total deposits both in local currency and US$ Nostro are in the hands of just 50 individuals and corporates and they have the power to speculatively push up parallel market rates.<\/p>\n

\u201cWhat this means is that the economy has structural weaknesses which can only be addressed through constructive dialogue and responsibility on the part of other stakeholders,\u201d added Gwanyanya.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga – RESERVE Bank of Zimbabwe\u2019s (RBZ) foreign exchange auction system this week went against volatility headwinds, allotting US$36 million with the objective to spur productivity amid calls for wealthy corporates to exercise responsibility through engagement for sustained stability. A trading update released at the close of business Tuesday shows […]<\/p>\n","protected":false},"author":84,"featured_media":48287,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":{"0":"post-48288","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-zimbabwe"},"yoast_head":"\nRBZ Allots US$36m Amid Calls For Dialogue - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga - RESERVE Bank of Zimbabwe\u2019s (RBZ) foreign exchange auction system this week went against volatili ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-allots-us36m-amid-calls-for-dialogue\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ Allots US$36m Amid Calls For Dialogue\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga - 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