Chronicle Editor
Oliver Kazunga, Senior Business Reporter
A TOTAL of US$795 million has been allotted to the productive sector since the introduction of the weekly Foreign Currency Auction Trading System in June last year, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has said.
The monetary authorities introduced the weekly forex auction system, which replaced the fixed exchange rate of US$1:ZWL$25 with a view to improve accessibility of forex to the productive sectors of the economy.
In his 2021 Monetary Policy Statement today, Dr Mangudya, noted that the auction system has greatly assisted the discovery of an appropriate and stable market-based exchange rate for the country.
“An amount of US$795 million had been allotted as at 9 February 2021 since the introduction of the foreign exchange auction system,” he said.
“A significant proportion of the total amount allotted has been earmarked for strategic sectors for imports of essential goods, especially raw materials, equipment, pharmaceuticals, chemicals, fuel and electricity,” said Dr Mangudya.
Bongani Ndlovu
Online Reporter