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RBZ Governor Mangudya Updates The Nation On Foreign Exchange Auction Allotments

RBZ Governor Mangudya Updates The Nation On Foreign Exchange Auction Allotments

The Governor of the Reserve Bank of Zimbabwe (RBZ), John Panonetsa Mangudya, has released an update on foreign exchange auction allotments for May 2022 and foreign exchange payments for the period January to May 2022. In a statement seen by Pindula News, Mangudya said a total of US$3.2 billion has been allotted since the commencement of the Foreign Exchange Auction System on 23 June 2020. Reads the statement:

FOREIGN EXCHANGE AUCTION ALLOTMENTS FOR MAY 2022 AND FOREIGN EXCHANGE PAYMENTS FOR THE PERIOD JANUARY TO MAY 2022

In line with the Bank’s commitment to regularly keep the public informed of developments in the foreign exchange market, the Bank hereby publishes the following:

1. A list of the 682 beneficiaries of US$94 485 929 allotted under the Main Foreign Exchange Auction during the month of May 2022;

2. A list of the 1 897 beneficiaries of US$18 491 536 allotted under the SMEs Foreign Exchange Auction during the month of May 2022; and

3. A schedule showing the total foreign exchange payments for the period 1 January 2022 to 30 May 2022, by source, amounting to US$3 081 872 193 broken down as follows: –

(i) foreign currency accounts (US$2 371 958 953),

(ii) Foreign Exchange Auction Allotments (US$641 104 461); and

(iii) the interbank market (US$68 808 779).

The bulk of the auction allotments during the month of May 2022 (72%) was for payment for raw materials (US$51 760 820) and machinery and equipment (US$28 908 022), with the remaining 28% of the total allotments going towards payment for consumables (US$8 735 915), services (US$7 869 358), retail and distribution (US$7 544 394), pharmaceuticals and chemicals (US$4 555 774), packaging (US$3 501 917) and fuel, electricity and gas (US$101 265), as shown in the tables below.

Total cumulative foreign exchange auction allotments since inception of the Foreign Exchange Auction System stand at US$3 237 485 274.

John P Mangudya

Governor

17 June 2022

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5 Comments

Expert 2 weeks ago

I hope Mr Panonetsa Maangudya now knew which companies are sabotagers of the economy.By the end of this month he must tell us,not to tell us it's CCC.


Idhiii 2 weeks ago

RBZ is unable to publicly name those who received bcoz you might be shocked just like we are about the 21 farms of the late Goblin president when he used to say one farm to one owner. It would not surprise me that The Ruining Party cartel of (you know whom) gets the lion's share of every allocation or else Panonetsa gets the boot.


Jah🇿🇼Tsvarie-07 2 weeks ago

We need allotment with names of companies that got the money...


BOSS VEDAH 2 weeks ago

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*Of Youth Participation In Electoral Processes*
It’s 10 o’clock in the morning and 20-year-old Tinashe Sibanda from Makepesi village in Lower Gweru is about to take his father’s cows to the grazing pastures where he will collect them later in the evening.

His weary smile cannot go unnoticed as he walks slowly towards the kraal.

Young Tinashe believes youths like him have no place in electoral and political processes as politics is only reserved for old and rich people.

He believes registering to vote, let alone voting, is a waste of time which can be utilised in doing productive work like tilling the fields or gold panning in search of the yellow metal.

“Look, l lost interest in politics when l saw that it’s only a game for old people with money, not people like us.

“Look at me, none of them care about me so why should I care about their politics? Besides, even if we vote for them, they do not come back here to fulfil their promises, so why should we care.”

He strongly believes that taking part in electoral processes that range from pre-elections phase, elections phase and post elections phase is not for everyone.

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Just like youthful Tinashe, most young people do not see the importance of participating in the political process as they claim their participation does not make a difference, nor does it change anything.

To them taking part or not changes nothing.

According to Zimbabwe Elections Support Network, the youth constitute over 67% of the country’s population yet their participation in political processes remains relatively low.

According to official figures obtained from the Zimbabwe Electoral Commission (ZEC), 43% of voters in 2018 elections were the youth.

Although various factors like violence, poverty, lack of knowledge and lack of documents have resulted in young people not taking part in electoral processes, there is a need for them to understand that voting is their fundamental right and if they don’t, they are denying themselves an opportunity to exercise that right.

It goes without saying that young people need to be actively involved in decision making processes and formulation of processes as those decisions and policies directly and indirectly affect their present and their future.

As the 2023 harmonised elections are getting closer as each day passes, thousands of young people are trying to register so that they can participate in this big occasion.

However, others have decided not to participate.

A number of reasons have been cited as behind the apathy by the youth.

Many times, people especially the youth are ignorant on why they should participate.

ZEC chairperson Justice Priscilla Chigumba believes that there was a need for youth to take part in electoral processes so that their voices are heard.

“The youths are the future and they need to participate in bread-and-butter issues. They cannot ignore politics because that affects their lives directly and sometimes indirectly.

“Therefore, the youths must vote so that their interests and opinions are represented leading to sustainable development,” she said.

Justice Chigumba said young people should be aware that there is a youth quota which stipulates that 10 seats in parliament are reserved for the youth.

“I challenge the youths in Zimbabwe to take part in electoral processes so that they occupy positions that give them power to make decisions that will benefit them. For example, very few youths understand the provision of the youth quota which states that 10 seats in the house of assembly should be reserved for them. We therefore need them to take part so that they occupy those seats,” she said.

To some young people, voting is only standing in a queue, getting your finger dipped in an ink and putting that ‘X’ and get going.

To them it’s just one of those periods that come after five years where political parties make promises they will not fulfil.

To them it’s just one of those phases where old people use young people to attain their gains and then toss them away after they win.

Head of the African Governance Architecture Secretariat at the African Union, Ambassador Salah Hammad said it is imperative that young people take part and have interest in political processes.

“The issue of youth participating in electoral processes should be non-negotiable. Youth in Africa make up over 70 percent of the population therefore their presence in political processes should be felt. Youth have a mandate to bring continuity and sustainability in political and electoral processes.

Youth participation in these crucial processes can never be over emphasised. Its high time youth take a stand and make their voices heard. As young people we have to constantly encourage each other to be part and parcel of political processes. The time has come and the time is now. If not you and me, then who? If not now, then when?” Hammad asked. *Business Times*


neverdies 2 weeks ago

well said, am one of the youth who would want to have a seat in parliament


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