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Mnangagwa Backs Mangudya In Enhancing Efficiencies Within RBZ Auction System

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Speaking during a State of the Nation (SONA) address in Parliament yesterday, President Mnangagwa backed Reserve Bank of Zimbabwe Governor Dr John Panonetsa Mangudya to lead the onslaught of all relevant monetary authorities to enhance efficiencies within the RBZ Forex Auction system.

The Head Of State And Government And Commander In Chief Of the Zimbabwe Defence Forces President Mnangagwa, said there is need to enhance efficiencies within the system considering there have been some challenges in the system whose failure to meet demand has resulted in a growing backlog stretching over 15 weeks in some instances and as high as US$150 million.

The lag in supply has become a driver of the widening parallel market premium, which is now more than 100 percent at the official exchange rate and Mnangagwa vowed to back Governor Mangudya to deal with the situation.

To this effect, President Mnangagwa said, “Going forward, my Government will ensure that the platform is adequately resourced and that the relevant authorities enhance efficiencies within the system.”

The Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces was consistent with Section 140 of the Constitution. Part of Section 140 (1) says: “The President may at any time address either House of Parliament or a joint sitting of both Houses.”

And Section 140 (4) reads: “At least once a year the President must address a joint sitting of both Houses of Parliament on the state of the nation, and the Speaker and the President of the Senate must make the necessary arrangements for Parliament to receive such an address.” Mnangagwa took the opportunity to address the successes and challenges of the RBZ  adopted Dutch Forex Auction System.

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