NEW: RBZ gets funds to clear auction backlog

Online Reporter

The Reserve Bank of Zimbabwe (RBZ) has started clearing the backlog of foreign exchange auction allotments after receiving funds from Treasury, central bank governor Dr John Mangudya has said.

In a statement on Tuesday, Dr Mangudya said the development will go a long way in restoring confidence in the auction system, as well as stabilising the foreign exchange market.

“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 is pleased to advise the public that it is in the process of clearing the ring-fenced backlog after receiving the funds from Treasury,” he said.

“This will go a long way in restoring confidence in the Foreign Exchange Auction System as well as stabilising the foreign exchange market.”