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by Staff reporter
30 Nov 2023 at 06:55hrs | Views
CCC MP calls out delays in RBZ's currency auction
An opposition legislator has raised concern over delays in the disbursement of foreign currency from the Reserve Bank of Zimbabwe (RBZ)'s auction system.

Raising a point of national interest in Parliament yesterday, Harare East legislator Allan Markham said Finance minister Mthuli Ncube should provide an explanation on the delays.

He argued that over the past four auctions, funds had been withdrawn from Zimdollars, but the corresponding foreign currency was not released.

"I was inundated recently by the business community pertaining to the foreign currency auctions," Markham said.

"Apparently, at the last four auctions where money was auctioned, the Zimdollar was taken, but the foreign currency has not been released.

"Could the minister, through you Mr Speaker, give us an urgent update on the reason for the delay and why we are continuing to auction foreign currency if we are going to be late in our disbursement."

Several companies have raised complaints over the non-clearance of the backlog which they said was one of the reasons that prompted industry to scavenge for foreign currency on the parallel market, leading to the rout of the local currency.

Source - newsday