RBZ get funds from Gvt to clear auction backlog

Judith Phiri, Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) has started clearing the backlog of foreign exchange auction allotment after receiving funds from Treasury.

In a statement on Tuesday, RBZ Governor Dr John Mangudya said the central bank has received funds from Government.

“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,” said Dr Mangudya.

He said that 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.