At least US$1.17 billion has been allotted to the productive sector of the economy since the introduction of the weekly foreign currency auction trading system in June last year, latest data shows.

The Reserve Bank of Zimbabwe (RBZ) discarded the fixed rate of US$1 to ZWL25 prescribed at the onset of the coronavirus pandemic at the end of March. The coming in of the first foreign currency auction in years was poised to boost transparency and efficiency in the forex market.

“In terms of the foregoing, the 1334 bene¬ficiaries of the Main Foreign Exchange Auction over the period June 2020 to April 2021 are listed hereunder for public information. A list of the 1744 benefi-ciaries of the SMEs Foreign Exchange Auction during the same period is also attached,” said RBZ Governor John Mangudya.

RBZ allotted US$1.09 billion on the main trading platform and another US$80.71 million on the SMEs foreign exchange auction.

Of the top beneficiaries on the main foreign exchange auction, Blue Ribbon topped the list with US$17.21 million, Varun Beverages followed at US$15.28 million and Grangrow Trading at US$13.89 million.

On the SMEs foreign exchange auction, Amalgamated Chemical Industries was in pole position with US$548 213 followed by Liteflush Investments with US$457 082 and Douglas St Ledger at US$436 610.

The trading, operating and economic environment witnessed an improvement attributable to a stable currency.