The Foreign Exchange Auction System’s backlog of foreign exchange allotments has been resolved, according to the Reserve Bank of Zimbabwe (RBZ).
The central bank’s statement seen by Pindula News ascribed the trend to higher foreign currency inflows into the nation of southern Africa. Reads the statement issued by RBZ Governor, Dr John Panonetsa Mangudya:
CLEARANCE OF BACKLOG OF FOREIGN EXCHANGE AUCTION ALLOTMENTS
The Reserve Bank of Zimbabwe (the Bank) is pleased to advise the public that it has cleared the backlog of foreign exchange allotments under the Foreign Exchange Auction System. This development is a result of improved foreign exchange inflows in the Country.
Going forward, the Bank will abide by the Foreign Exchange Auction Rules and ensure that foreign currency is available to successful bidders within 14 days from the date of auction. This will go a long way in maintaining a stable foreign exchange rate and sustaining financial stability in the economy.
In December 2022, deputy governor Dr Innocent Matshe stated that the apex bank was striving to shorten the period between the time that allotments are made and run and the time that the allottee receives money in foreign currency accounts.