News / National
RBZ defers forex auction
07 Jan 2022 at 05:52hrs | Views
The Reserve Bank of Zimbabwe has deferred the first foreign exchange auction of the year following delays in the submission by authorised dealers of the necessary information needed to carry out due diligence.
The auction had originally been slated for January 11, but will now be held a week later on January 18.
In a statement, RBZ Governor Dr John Mangudya said the delays had been caused by a spike in Covid-19 infections.
"The Reserve Bank of Zimbabwe wishes to advise the public that the spike in Covid-19 infections has impacted negatively on the ability of authorised dealers to timeously submit essential information required to carry out the due diligence on auction bid documentation submitted by their clients.
"As a result, authorised dealers were not able to submit all the required information for the first auction of 2022, originally set for 11 January 2022," he said.
Dr Mangudya said the new date of January 18 had been set to give authorised dealers sufficient time to carry out the necessary due diligence and submit the required documentation.
Government introduced the forex trading system on June 2020 as part of measures to stabilise exchange rates against United States dollar and provide a better and formal way for businesses to get foreign currency.
The auction had originally been slated for January 11, but will now be held a week later on January 18.
In a statement, RBZ Governor Dr John Mangudya said the delays had been caused by a spike in Covid-19 infections.
"As a result, authorised dealers were not able to submit all the required information for the first auction of 2022, originally set for 11 January 2022," he said.
Dr Mangudya said the new date of January 18 had been set to give authorised dealers sufficient time to carry out the necessary due diligence and submit the required documentation.
Government introduced the forex trading system on June 2020 as part of measures to stabilise exchange rates against United States dollar and provide a better and formal way for businesses to get foreign currency.
Source - The Herald
