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Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has cleared all outstanding foreign currency allocations on the auction system.
The move is a positive boost to businesses and the productive sector who in the past complained over delays in the disbursement of funds after weekly allotments.
In a statement today, RBZ governor Dr John Mangudya, said the clearance is due to improved foreign currency inflows in the country.
He said going forward the central bank will strive to ensure that foreign currency is available to successful bidders within 14 days from the date of auction.
“The Reserve Bank of Zimbabwe is pleased to advise the public that it has cleared the backlog of foreign exchange allotments under the Foreign Auction System,” said Dr Mangudya.
“This development is a result of improved foreign currency inflows in the country.”
However, the amount cleared was not indicated.
Since its inception in June 2020, US$3,7 billion has been allotted through the auction system to both the main and the SMEs auction.
Last week, the central bank said US$24,3 million was allotted to 132 beneficiaries under the main auction and US$2,7 million to 207 beneficiaries under the SMEs auction during the month of December 2022.
Bongani Ndlovu
Online Reporter