Forex auction allots US$107 million

BY FREEMAN MAKOPA
The Reserve Bank of Zimbabwe (RBZ) says a total of US$107,8 million was allocated to companies under the foreign exchange auction system in April.

The auction system was established in 2020 to help firms access cheaper foreign currency after rates ran amok on the black market, threatening economic growth.

The RBZ says the auction system has helped Zimbabwe avoid an industrial crisis, but recently, business leaders said the platform had failed to provide enough liquidity to help firms import raw materials.

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