In June, Zimbabwe’s central bank introduced the foreign currency auction system, one of many policy measures attempted over the past two years to stabilise the crisis-hit currency. So far, companies have accessed a total of US$434.7 million from the auction. This has encouraged many firms, ...
The Reserve Bank of Zimbabwe (RBZ) closed the auction on December 21 as most companies had closed for the festive season. In separate interviews, economic commentators said as the weekly forex auction resumes, they expect low demand for forex. ...
Jinan in Gweru said budgeting and planning was now feasible, with stability brought about by the auction system, while Sino Zimbabwe Cement Company said the auction system brought relief in terms of access to foreign currency. The firm said there was now confidence in the market and companies co...
After briefly calming exchange rate volatilities when it was introduced, the foreign currency auction system has struggled to settle allotted funds, sparking off an industrial outcry by companies that have relied on its cheaper foreign currency to import critical requirements. At one point in 2021, b...
While the small and medium enterprises auction is playing a key role in the economy and is giving the companies access to foreign exchange at favourable exchange rates and is not subject to the same delays, this is only 20% of the market. The stable exchange rate and the more readily avail...
“We say one bid per client, but some businesses bring multiple bids through the usage of shelf companies, thereby defeating the rule of the auction system.” Some beneficiaries also use the black market rates to price their goods and services, which is in direct contravention of Statutory Inst...
Belarus, has been run by its dictator president, Aleksandr Lukashenko, since 1994. Private business is virtually non-existent. In 2005, the government re-nationalized a number of private companies. The government does not permit foreigners to own land. 90% of agricultural land is state owned. ...
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The Reserve Bank of Zimbabwe has released yet another list of more than 750 companies which have been allocated over half a billion US dollars from the foreign currency auction system since its inception in June last year. Leading the pack is Cangrow Trading (Pvt) Ltd, which got j...
THE forex auction system introduced by the Reserve Bank of Zimbabwe in June this year to contain the black market and stabilise the economy has been a major failure and will not achieve targeted results, a former Cabinet minister has said. ...