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Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has this week allotted US$51,7 million at the foreign exchange auction, reflecting a 5,3 percent spike from last week’s total of US$49,1 million.

The auction conducted on Tuesday saw the Zimbabwe dollar trading at 85,90 against the United States dollar from 85,82 last week.

The bulk of the forex allotted at the auction platform continue to be allocated for raw material procurement, followed by machinery and equipment acquisition.

A total of US$14,9 million was allotted to the main auction for raw material procurement while the Small to Medium Enterprises (SMEs) auction got US$3,4 million.

Last week, the main auction was allotted US$16 million for raw material procurement while the Small to Medium Enterprises auction got US$2,6 million.

A total of US$8,3 million was also allotted to the main auction for machinery and equipment procurement compared to US$8,7 million last week.

The SMEs auction, on Tuesday received US$4,2 million for machinery and equipment procurement against US$2,9 million last week.

Other allocations were made for consumables such as spares, tyres and electricals, as well as retail and distribution, pharmaceuticals, chemicals, fuel electricity and gas.

The main auction received a total of 425 bids where 26 were disqualified while the SMEs auction received 971 bids from which 34 were disqualified.