Zimbabwe banks still aloof from forex auction

Zimbabwe’s banks are not yet involved in the foreign exchange auction system despite the verbal support they gave to the system in a statement yesterday.

In a statement yesterday the Bankers Association of Zimbabwe said it was fully behind the auction and called on the authorities to continue providing the platform “for price discovery and for all players”.

“The BAZ stands ready to support economic activity by ensuring that its members engage in the efficient allocation of foreign currency funds through official channels,” the association said.

A source, however, said the banks were forced to issue the statement following pressure from the Reserve Bank of Zimbabwe and the Monetary Policy Committee.

“No bank has yet participated,” the source said.

Zimbabwe is holding its fifth auction today.

So far US$56.3 million has been allotted under the system.

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