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Oliver Kazunga, Senior Business Reporter

THE Zimbabwe dollar remained firm at 84,48 this week against the United States dollar for the second time in a row while US$34,1 million was allocated to the market compared to US$32,9 million last week.

According to a trading update availed by the Reserve Bank of Zimbabwe (RBZ) on Tuesday’s Foreign Currency Auction Trading System, the bulk of the funds raised continued to be channeled towards raw material procurement.

A total of US$13,3 million was disbursed for raw material procurement while machinery and equipment procurement were on second spot receiving US$6,3 million.

The retail and distribution category had a total of US$3 million being disbursed while US$2,5 million was disbursed towards services like loans, education and dividends.

The allocation for fuel, electricity and gas increased by over 60 percent to US$2,4 million from U$1,4 million last week.

A total of 520 bids from both the Small and Medium Enterprises (SMEs) and main auction were allotted at this week’s Foreign Currency Auction Trading System.

The monetary authority also indicated that 122 other bids were rejected for failing to adhere to laid down procedures.

– @okazunga