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Rbz Governor Disqualifies Chancers Acquiring Forex For Speculative Purposes

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RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya did the unthinkable at the foreign exchange auction Tuesday after he disqualified a total 547 suspicious bids as the authorities sniff out chancers who intend to acquire foreign currency for speculative purposes.

A trading update Rbz Governor Dr John Mangudya released at the close of business shows on the Main Auction platform “236 bids were disqualified while 311 bids were also disqualified on the SMEs platform.”

 

As a result, out of the 1 527 bids submitted slightly above one third were disqualified.

An economic expert exclusively revealed that the development indicates the central bank’s determination to clip saboteurs’ wings on the market.

“This tells us of the rigorous exercise to weed out bidders who are not genuine. Currently, all companies approaching the auction are now required to submit physical copies of their operations and past transactions to justify the need for foreign currency. All such measures are going a long way to strengthen the market,” he said.

ross moyo

73rd RBZ Forex Auction Results

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