Forex allotments’ clearance boost for productive sector
THE Reserve Bank of Zimbabwe (RBZ) says it has cleared all outstanding foreign currency allocations on the auction system as the Government continues to enhance its support for the productive sector.
The move is a positive boost to businesses who in the past complained over delays in the disbursement of funds after weekly allotments. Since its introduction in June 2020, the foreign exchange auction system has allotted US$3,7 billion to businesses with the bulk of the funds being channeled towards the importation of critical raw materials and machinery.
The Central Bank has said it plans to continue running the auction system as a sustainable platform to allocate foreign currency to the productive sectors of the economy, alongside the willing buyer willing seller platform, which is now being sued to determine the official exchange rate.
In a statement yesterday, RBZ governor Dr John Mangudya, said the clearance of auction allotments was due to improved foreign currency inflows in the country.-ebusinessweekly
