The Reserve Bank of Zimbabwe (RBZ) says it has started to clear the backlog of foreign exchange auction allotments.
This follows revelations that often, businesses go for several weeks without receiving forex allotted to them by the central bank through the Foreign Exchange Auction System.
In a statement this Tuesday, RBZ Governor John Mangudya said clearing the backlog will help in stabilising the Zimbabwe dollar. The statement read:
CLEARANCE OF THE RING-FENCED BACKLOG OF FOREIGN EXCHANGE AUCTION ALLOTMENTS
Further to previous communication that Government would be providing funds to clear the ring-fenced backlog of foreign exchange auction allotments, the Reserve Bank of Zimbabwe (the Bank) is pleased to advise the public that it is in the process of clearing the ring-fenced backlog after receiving the funds from Treasury.
The Bank wishes to thank Government for providing the funds to clear the backlog. This will go a long way in restoring confidence in the Foreign Exchange Auction System as well as stabilising the foreign exchange market.
The Bank continues to urge foreign auction participants and banks to observe and uphold principles of good corporate governance and self-discipline to ensure high standards of business ethics and transparency for the stability of the economy in the short to medium term.