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Bankers Association of Zimbabwe (BAZ) have endorsed the government’s foreign currency auction system, describing it as transparent given the prevailing economic situation.

 “The auction system brings transparency and efficiency in the allocation of scarce resources like foreign currency, which is a limited resource. We, therefore, need to manage it from a central position for equitable distribution.”Bankers Association of Zimbabwe (BAZ) chairperson Farnwell Mutogo said in a Parliamentary Portfolio Committee on Budget and Finance chaired by Matthew Nyashanu yesterday.

“Priority in allotment of foreign currency is given to productive sectors of the economy.  The auction system has been the main source of foreign currency supply since its introduction in 2020 and the system is working for the economy,” he added.

He also mentioned that they have a backlog, but the current backlog is on a reducing trend and the central bank is committed to reducing the backlog by end of June this year.

“From our point of view, the auction system is the best we can have given the current environment,” Mutogo said.

Nedbank head of treasury, Latifa Kassim said due to foreign currency scarcity, the auction system was the best way out.

Meanwhile, Mines ministry secretary Onesimo Moyo was yesterday grilled by legislators over delays in amending the archaic Mines and Minerals Act.

Moyo said some of the delays emanated from processes associated with the completion of the Bill by the drafters.

“We got the final draft from the Attorney-General’s (AG) Office, and the direction we got was that they (Executive) would like it to go to the Cabinet Committee on legislation first, then to Cabinet, after which it will be released to the Mines committee,” he said.

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