Businesses accused of forex auction system abuse

Msumba George |  1 year ago | top

The Reserve Bank of Zimbabwe (RBZ) has accused some businesses who access foreign currency at the official bank rate, of fueling the parallel market by offering rates more than $200 for goods and services. 

Speaking during a webinar on unpacking the 2022 monetary policy, RBZ Governor Dr John Mangudya said the auction system has presented an opportunity for unscrupulous businesses to focus on forex gains.

Speaking on the same platform, Consumer Council of Zimbabwe (CCZ) acting executive director Rosemary Mpofu urged the RBZ to take action on businesses who benefit from the auction system but continue to punish consumers with distorted pricing.