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*Mnangagwa Hints At Scrapping RBZ's Forex Auction System* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?pd President Emmerson Mnangagwa has hinted the Reserve Bank of Zimbabwe (RBZ) – controlled foreign exchange auction floor system could be done away with, saying it has served its purpose. Mnangagwa told Brick by Brick magazine that the forex auction system was adopted to deal with a particular challenge that he said has almost been resolved. He said, as quoted by Business Times: ---------- *Latest itel S24 now available on Pindula* $124 Cash on Delivery in Harare & Bulawayo. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- > As we go forward, we should reach a stage where we may not need it (Dutch forex auction system) because it’s not necessary. > It has been put there to deal with a particular challenge and I think that challenge is going away. We may reach a stage very soon where we may not need it. This comes after industry put pressure on the central bank governor, John Mangudya, to consider scrapping the “inefficient” foreign currency auction system or overhauling it. Companies have been struggling to access foreign currency allotted to them through the foreign currency auction system, and going for several months before getting the allotted funds. More: Pindula News _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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