{"id":81230,"date":"2023-07-29T17:12:09","date_gmt":"2023-07-29T15:12:09","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-hints-at-scrapping-rbzs-forex-auction-system"},"modified":"2023-07-29T20:29:57","modified_gmt":"2023-07-29T18:29:57","slug":"mnangagwa-hints-at-scrapping-rbzs-forex-auction-system","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/mnangagwa-hints-at-scrapping-rbzs-forex-auction-system","title":{"rendered":"Mnangagwa Hints At Scrapping RBZ&#8217;s Forex Auction System"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span>President Emmerson Mnangagwa has hinted the Reserve Bank of Zimbabwe (RBZ) \u2013 controlled foreign exchange auction floor system could be done away with, saying it has served its purpose.<\/p>\n<p>Mnangagwa told Brick by Brick magazine that the forex auction system was adopted to deal with a particular challenge that he said has almost been resolved. He said, as quoted by Business Times:<\/p>\n<p>As we go forward, we should reach a stage where we may not need it (Dutch forex auction system) because it\u2019s not necessary.<\/p>\n<p>It has been put there to deal with a particular challenge and I think that challenge is going away. We may reach a stage very soon where we may not need it.<\/p>\n<p>This comes after industry put pressure on the central bank governor, John Mangudya, to consider scrapping the \u201cinefficient\u201d foreign currency auction system or overhauling it.<\/p>\n<p>Companies have been struggling to access foreign currency allotted to them through the foreign currency auction system, and going for several months before getting the allotted funds.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/zimbabwe\">Zimbabwe<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. President Emmerson Mnangagwa has hinted the Reserve Bank of Zimbabwe (RBZ) \u2013 controlled foreign exchange auction floor system could be done away with, saying it has served its purpose. Mnangagwa told Brick by Brick magazine that the forex auction system was adopted to deal with a particular challenge that he said has [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":81229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,8],"tags":[1493,2189,6571,1944,187,1546,14115,1821,10691,14809,1820,19,968],"class_list":{"0":"post-81230","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-head-lines","10":"tag-africa-press","11":"tag-africa-press-zimbabwe-2","12":"tag-exchange-rate","13":"tag-exchange-rates","14":"tag-forex","15":"tag-forex-auction","16":"tag-forex-auction-allotments","17":"tag-forex-auction-system","18":"tag-forex-auction-trading-system","19":"tag-wholesale-foreign-exchange-auction","20":"tag-zim-dollar","21":"tag-zimbabwe","22":"tag-zimbabwe-dollar"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - 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