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Sikhulekelani Moyo, Business Reporter

THE Zimbabwean dollar yesterday further weakened against the United States dollar at the weekly forex auction system where it traded at Z$116,7 to the green back.

The forex auction system resumed on 18 January 2022 with the exchange rate pegged at $112, 82 and last week on Tuesday the local dollar dropped to $115, 4, which was a 3,5 percent decline since the reopening of the auction and 1,08 percent decline from the last week.

In a latest, the Reserve Bank of Zimbabwe (RBZ) indicated that US$37,5 million was awarded as the grand total to the auction with US$30,8 million being allotted to the main auction and US$6,7 million allotted to the Small and Medium Enterprises (SMEs).

As has been the tradition, much of the forex was awarded towards the procurement of raw material with US$14,9 million being allotted to both the main auction and SMEs. -@SikhulekelaniM1