Staff Reporter
The Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya yesterday gave an update about the foreign exchange allotments for October 2022 and foreign exchange payments for the period January to October 2022.
In a statement yesterday, Dr Mangudya articulated that it was committed to give timeously updates of developments in the foreign exchange market.
“In line with its commitment to regularly keep the public informed of developments in the foreign exchange market, the Bank hereby advises that; the sum of US$39 184 168 was allotted to 139 beneficiaries under the Main Foreign Exchange Auction during the month of October 2022 and the sum of US$4 665 995 was allotted to 296 beneficiaries under the SMEs Foreign Exchange during the month of October 2022,” said Dr Mangudya.
The Governor stated that total foreign exchange payments for the period January 2022 to October 2022 were US$6 776 525 337 broken down as follows; foreign currency accounts (US$5 600 214 629),foreign exchange auction allotments (US$1 023 800 057) and the interbank market (US$152 510 650).
He further stated that the bulk of the auction allotments during the month of October 2022 (67%) was for payment for raw materials (US$ 18 187 311) and machinery and equipment (US$ 11 283 105),with the remaining 33% of the total allotments going towards payment for consumables ( US$2 720 261),services (US$2 330 865),retail and distribution (US$ 1 199 247),pharmaceuticals and chemicals (US$7 709 204) and packaging (US$ 420 170).
Dr Mangudya alluded that the total cumulative foreign exchange auction allotments since inception of the foreign exchange auction system stood at US$3 620 180 870.
Meanwhile, the RBZ Governor informed the public that it would release smaller units of gold coins on 15 November 2022.
“As advised in its Mid-Term Monetary Policy Statement of 11 August 2022, the Reserve Bank of Zimbabwe (“the Bank”) wishes to advise the public that it will, from 15 November 2022, release into the market gold coins in smaller units of a tenth of an ounce, quarter ounce and half ounce,” he said.
Dr Mangudya advised that the sale terms and conditions of the smaller units of gold coins should remain the same as those for the one-ounce gold coins that had been in circulation since 25 July 2022.
