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Govt Avails Funds For RBZ Forex Auction System

Govt Avails Funds For RBZ Forex Auction System

The Reserve Bank of Zimbabwe (RBZ) says it has started to clear the backlog of foreign exchange auction allotments.

This follows revelations that often, businesses go for several weeks without receiving forex allotted to them by the central bank through the Foreign Exchange Auction System.

In a statement this Tuesday, RBZ Governor John Mangudya said clearing the backlog will help in stabilising the Zimbabwe dollar. The statement read:


Further to previous communication that Government would be providing funds to clear the ring-fenced backlog of foreign exchange auction allotments, the Reserve Bank of Zimbabwe (the Bank) is pleased to advise the public that it is in the process of clearing the ring-fenced backlog after receiving the funds from Treasury.

The Bank wishes to thank Government for providing the funds to clear the backlog. This will go a long way in restoring confidence in the Foreign Exchange Auction System as well as stabilising the foreign exchange market.

The Bank continues to urge foreign auction participants and banks to observe and uphold principles of good corporate governance and self-discipline to ensure high standards of business ethics and transparency for the stability of the economy in the short to medium term.

More: Pindula News

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JJ 6 months ago

Saka manga muchitengesera vanhu mhepo .Yaah zvakaoma rega Zimdollar idonhe value because these are the same people causing it to do so ,how can you run an auction system which is poorly resourced ,shame on you

Dambudziko 6 months ago

Kutopfeka masuit netumatie, ma policy nema Statutory Instrument hobho, asi Chabuda hapana. Ngaapinde hake mukomana.

ED 6 months ago

Good day @rbz

May you tame the parallel market rates. Please be proactive not reactive.

Will be closely monitoring this in general.

Yours truly


Millipede 6 months ago

Thank you so much Governor Mangudya for availing the much needed hard currency. We expect business/ industry to act responsibly by reciprocating GOVT effort in stabilising prices of goods and services across the economy....Business /Industry :Please, NO to the application of parallel market rates in your pricing structure !!! Tatenda

Terence zidya 6 months ago

Mxm kovamomvonyebera ndivanaaniko bcz Kuno nhasi chaiko shuga yatomuka yakakwira


Pala 6 months ago

Ndokunonzi kutamba tsoro une bhobo muhomwe uku....

Bob 6 months ago


Kkkkk 6 months ago


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