RBZ clears $USD 200 million forex backlog

Online Desk |  5 months ago | local

The Reserve Bank of Zimbabwe (RBZ) says it has cleared nearly $USD 200 million backlog to bidders on its foreign currency auction system.

In an interview RBZ Governor, Dr John Mangudya attributed the backlog to malpractices by certain entities that are sponsoring multiple bids and said that the Central Bank is now working to ensure it is up to date with allotted bids. 

The backlog accumulated after the bank could not fund the system due to forex shortage, which negatively affected beneficiary entities.

In October 2021 , the bank committed to clear the backlog of foreign exchange auction allotments, in line with Monetary Policy Committee (MPC) resolutions.