Auction now accounts for 35% of Zimbabwe forex payments

Zimbabwe’s 13-month-old foreign currency auction system now accounts for 35% of foreign currency payments with 70% of the funds being allocated to the productive sectors.

According to figures released by the central bank, Zimbabwe paid out US$3.2 billion in the first seven months of this year with 35% coming from the auction, 58% from foreign currency accounts and 7% from the interbank market.

This was a drastic improvement from 24% percent in the first five months and 33% in the first six months.

Zimbabwe is banking on enhancing the auction system and has promised to iron out disbursement problems within 45 days.

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