Zim dollar remains unchanged at $83.89

THE Zimbabwe dollar has remained unchanged at 83.89 against the United States dollar following this Tuesday’s Reserve Bank of Zimbabwe (RBZ) foreign currency auction exercise.
This Tuesday’s RBZ foreign currency auction system, the first this month, has consolidated the stability of the local currency against the US dollar, building on the positive auction figures recorded in February.
The average exchange rate for the month of February is at $83.73 against the greenback, spelling out the resilience of the local Currency against the much fancied US dollar, largely owing to sound macroeconomic policies being undertaken by authorities.
February also saw a total of 144.3 million United States dollars being disbursed through the RBZ auction platform, where 2004 qualifying bids were allotted all in full.
Raw materials have for the month under consideration accounted for 64.1 Million United states dollars, machinery and equipment 24.0 Million United states dollars, while, fuel and electricity, which are key commodities in oiling economic activities, have gobbled 12.9 Million United states dollars up from last month’s 11.9.
Pharmaceuticals and chemicals, which are critical elements in the fight against COVID-19 pandemic have taken 8.3 million United States dollars.

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