Zimbabwean Central Bank clears forex allotments backlog





INDUSTRY has welcomed the clearance of foreign currency allotments backlog on the Reserve Bank of Zimbabwe foreign currency auction system.

A press statement outlining the Monetary Policy Committee resolutions of the committee’s meeting held last Friday has revealed that the Reserve Bank of Zimbabwe has cleared the foreign currency allotments backlog on the auction system which had built up over months.

President of the Confederation of Zimbabwe Industries (CZI) Mr Farai Matsheza noted that though more refinements are required the clearance of the backlog gives industry boost for their operations.

“We applaud the Reserve Bank of Zimbabwe for a job well done as per their promise however we appeal for faster settlement in terms of the T plus 2 principles,” he said.

The Reserve Bank of Zimbabwe (RBZ) has roped in captains of industry into the foreign currency allocations committee to improve efficiency in allotments.

“Clearing the backlog is fundamentally key in addressing foreign currency shortages and this is a positive development,” said Mr Manzungu, ZNCC President.

So far over close to US$2 billion has been disbursed through the auction system, which has provided industry a huge impetus for growth.