The auction last year paid out US$1.1 billion compared to US$7.3 billion that was paid out from foreign currency accounts. The interbank market only provided 3% of the payments totalling US$218.2 million.
The auction has paid out US$3.7 billion since its launch.
There have been increasing calls from industry to liberalise the foreign exchange system and this seems to make sense since the business sector now provides 84% of the currency.
The auction rate which averaged $705.42 yesterday is once again lagging far behind the blackmarket rate now at $1 100, providing room for arbitrage.
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This post was last modified on January 11, 2023 2:49 pm
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