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RBZ Has Cleared Foreign Currency Auction Backlog

RBZ Has Cleared Foreign Currency Auction Backlog

The Reserve Bank of Zimbabwe has cleared the foreign currency auction backlog with all allotments made by the end of May now fully funded and all successful bidders since then getting their money on time.

The Chief executive officer of the Bankers Association of Zimbabwe Mr Fanwell Mutogo told the Parliamentary Portfolio Committee on Budget, Finance and Economic Development.

Last month, President Emmerson Mnangagwa issued a cocktail of measures to stabilise the economy. Among the measures was a directive to the central bank to clear the backlog and only auction available foreign currency each week to avoid creating another backlog. 

The Herald, a state-run publication cites Mutogo as saying:

Ever since the adjustment (announced by the President) there has been no backlog since May 31; there has been no incremental rise in backlog.

At its peak, the backlog was approximately US$200 million. The shortage of foreign currency at the auction is said to be driving companies to the black market where they get forex at higher rates. This has been forcing businesses to raise the prices of their commodities in a bid to recoup incurred expenses.

Mutogo also commended the RBZ’s Financial Intelligence Unit for monitoring transactions in the banking sector and dealing with those that were abusing the foreign currency auction system for personal enrichment.

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Jah🇿🇼Tsvarie-07 1 week ago

If RBZ give a list of companies that got money at their auction floor every Tuesday, employees will help RBZ by monitoring the price of products.

If RBZ fails to give the list then as citizens we will know something is up at that auction floor...

Chawabvunza 1 week ago

If RBZ has cleared its backlog the better. What remains now is strictly mornitoring that the manufacturers they are allotting foreign currency to are not cheating by selling their merchandise at high prices claiming that they are getting foreign currency at blackmarket rate. The manufacturers to whom foreign currency is allotted must also check that their customers do not overcharge their customers till their products reach the final consumers. Us$1: rtgs rate may be stabilize on both the bank rate and the blackmarket rate.




Jimmy mapross 1 week ago

The economy is in a tailspin, there are three or more exchange rates out there and civil servants are severely underpaid but we are going to space next month everyone! Yeah… I know, for most of you this really isn’t news because this whole Zim space adventure thing is something that has been rumbling for nearly 4 years since the government launched the Zimbabwe National Geospatial and Space Agency (ZINGSA) way back in 2018 and vowed to get the country’s first satellite (ZimSat-1) in orbit.

If we are keeping track, this launch has suffered a five-month delay because last year it was reported that the nanosatellite would be in orbit by February this year. According to a report by The Sunday Mail, the delays were caused by the COVID-19 pandemic, which affected the launch of the Japanese KIBO module.

“Everything is now ready; we received a report recently indicating that it was tested and approved for flight. We have our engineers on the ground in Japan who are making sure everything goes according to plan.”

Jimmy *machende* 1 week ago


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