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*RBZ Clears Foreign Currency Allotments Backlog On The Forex Auction System*

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The Reserve Bank of Zimbabwe has cleared the foreign currency allotments backlog on the foreign currency auction system.

This was revealed in a press statement outlining the Monetary Policy Committee (MPC) resolutions of the committee’s meeting held last Friday.

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The allotments backlog on the foreign currency auction system had built up over months.

The president of the Confederation of Zimbabwe Industries (CZI) Mr Farai Matsheza noted that though more refinements are required, the clearance of the backlog gives the industry a boost for their operations. He said:

> We applaud the Reserve Bank of Zimbabwe for a job well done as per their promise however we appeal for faster settlement in terms of the T plus 2 principles.

Zimbabwe National Chamber of Commerce (ZNCC) president, Mr Manzungu said the development was a positive one. He said:

> Clearing the backlog is fundamentally key in addressing foreign currency shortages and this is a positive development.

As of Tuesday, 7 December 2021, close to US$2 billion has been disbursed through the auction system, which has provided the industry with a huge momentum for growth.

The Reserve Bank of Zimbabwe (RBZ) has roped in captains of industry into the foreign currency allocations committee to improve efficiency in allotments.

More: ZBC News

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