Zimbabwean banks endorse auction system

The Productive sector has benefited the most from the foreign exchange auction trading system since its introduction last month, with the system being described as key to pricing stability.

In a statement, Bankers Association of Zimbabwe president, Ralph Watungwa says banks are supporting the system with over US$56 million having been allocated to support economic recovery.

The initiative is already gaining the necessary traction with Industrialist, Matthew Chandavengerwa saying authorities should continue supporting the auction system.

“The initiative is looking food so far and we anticipate more players to continue taking part as we seek to harness or mobilise more resources,” said Chandavengerwa.

Zimbabwe National Chamber of Commerce (ZNCC), vice president Archie Dongo spoke on the need for increased participation within the auction system.

“It is all about to do with more players being included for the benefit of the key productive industries,” he said.
The central bank launched the weekly foreign exchange auction system in June this year to determine the Zimbabwe dollar exchange rate while also ensuring currency stability.