RBZ allotments to productive sectors reach US$38 million

By Stanley James

Productive sectors have been allocated funds worth more than 38 million United States dollars in the highest ever allotment at the Reserve Bank of Zimbabwe weekly foreign exchange auction.

The funds are meant to increase productivity through support in the form of raw materials.

An update at the close of the auction shows that raw materials, machinery and equipment were the biggest beneficiaries, getting 17 million United States dollars.

Consumables were on second spot followed by the retail and distribution sectors.

More than 35 million United States dollars was allocated at the main auction this Tuesday.

Raw materials also dominated funding allotments at the Small and Medium Enterprises auction.

Meanwhile, the Zimbabwe dollar slightly eased against the United States dollar at 83,75.

Allotments to the productive sectors at the auction are being made to reduce the import bill, and improve availability of locally produced goods at affordable prices.

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