RBZ To Clear Forex Auction Backlog By Month-end - Mangudya
Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya, said the central bank intends to clear the foreign currency auction backlog by the end of this month.
The RBZ missed the June deadline that had been set by Government but Mangudya has expressed confidence that the backlog will be cleared by month-end.
In an interview with The Sunday Mail Business, Mangudya said “there would be no more backlog on the auction by the end of July”. He added:
We are working tirelessly to make sure we quickly settle the backlog at the auction. We should be able to accomplish that by the end of this month; I am confident there would be no more backlog on the auction by the end of July.
In May, President Emmerson Mnangagwa directed the central bank to clear the backlog, which is around US$300 million according to captains of industry.
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Mangudya said the RBZ will ensure that allocations match available forex to prevent another backlog. He said:
Going forward, as directed by His Excellency, the bank will make sure that we only auction foreign currency that is immediately available to the bank to prevent a build-up of the backlog, which has not been matched by the liquidity flows.
