The Reserve Bank of Zimbabwe's (RBZ) currency auction system has received over $3.4 billion since its inception in mid-2020. This is what we take away from the RBZ's mid-term review.

The RBZ said that a total of 3.4 billion US dollars had been allocated at the auction as of 26 July 2022, of which 2.93 billion US dollars had been allocated to the main auctions. “Productive sectors of the economy continue to receive most of the funds allocated to foreign currency auctions, with more than 65% of the allocations earmarked to support these sectors. As of 26 July 2022, 41% of total allocations financed raw materials, while 22% financed capital goods such as factories, machinery and equipment, with 3% allocated to fuel, electricity and gas,” we remember.

Since the introduction of the auction system, the RBZ has successfully organized 104 main auctions and 98 SME auctions, as of July 26, 2022. This year, the auctions allocated over $834.7 million, or approximately 91% of the total bids submitted for auction as of July 26, with SMEs taking 17% in the first half of 2022, compared with an 11% share. at the same time in 2021.

As of 30 June 2022, total international remittances reached $1,372 billion, an increase of 23% over the $1,113 billion recorded during M& Ecric; the period in 2021.