Zimbabwe dollar eases marginally against the USD

ECONOMIC experts have praised the Reserve Bank of Zimbabwe (RBZ) foreign currency auction system as the Zimbabwe dollar eased marginally against the United States dollar to 81,78 from 81,73 last week.

When the Reserve Bank of Zimbabwe (RBZ), introduced the foreign currency auction in June this year, there were mixed perceptions on whether it could achieve its aims.

With the illegal foreign currency market being decimated, the value of the local currency being protected, forex being availed to industries and prices at affordable levels, the auction is seemingly on the right path.

Speaking after the last Auction of the year, Confederation of Zimbabwe Industries president Mr Henry Ruzvidzo said the system has restored financial discipline.

“It is actually a game changer that has tremendously contributed towards efforts to stabilise our production and activities,” he said.

University of Zimbabwe Business Studies Lecturer, Dr Nyasha Kaseke added his voice saying the auction system will be key to investment, production and growth next year.

“It is all about how it will continue to perform otherwise so far so good and the track is really commendable,” he said.

Pan African Chamber of Commerce board member, Mr Langton Mabhanga, spoke on the impact of the auction on business confidence.

“Well let’s wait and see in the future but indeed I agree with you it has managed to stabilise the entire economy,” he said.

Data released after the last auction for this year this Monday shows that over 29, 5 million United States dollars was allotted to firms, with the highest for the main and SMEs auction being pegged at 86 Zimbabwe dollars.

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