RBZ Governor Promises To Meet President Mnangagwa’s Directive Clearing Auction Backlog By July-end

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya has said he will meet, President Mnangagwa’s Directive for the apex bank to clear the foreign currency auction backlog by month-end after missing the June deadline that had been set by Government.

The RBZ Governor Dr John Mangudya revealed to TechnoMag that he was confident “there would be no more backlog on the auction by the end of July”.

“We are working tirelessly to make sure we quickly settle the backlog at the auction. We should be able to accomplish that by the end of this month; I am confident there would be no more backlog on the auction by the end of July,” he said.

Industry says the backlog could be around US$300 million.

Since inception of the auction on June 23, 2020, more than US$3,3 billion has been extended to support key imports for raw materials and machinery.