Zim’s Forex Auction System Backlog Chokes Pharmaceutical Operations

DELAYS in the disbursement of foreign currency by the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction system is threatening the existence of Zimbabwe’s pharmaceutical sector amidst indications that pharmaceutical operators are in some instances going for two and half months without getting any disbursement from the auction system. By Michael Gwarisa Zimbabwe adopted the Dutch Foreign Exchange System in June 2020 whereby business can access foreign currency at an RBZ set exchange rate in a move that was meant to stabilize and tame the peripatetic parallel market rate. Speaking…

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