RBZ Introduces Forex Auction System
This comes after the government announced that civil servants and pensioners will now be receiving USD allowances for the next 3 months starting June. The allowances, which have been termed Covid-19 allowances will see civil servants getting US$75 per month which is non-taxable. Pensioners, on the other hand, will receive US$30 per month. The money will be deposited into FCA/Nostro accounts.
Explaining the new forex auction trading system, RBZ governor John Mangudya wrote,
8. Funding of the Foreign Exchange Auction System The Foreign Exchange Auction System shall be funded from:-
i. Offshore facilities arranged by the Bank;
ii. Foreign currency availed through surrender requirements, which will be liquidated at the prevailing market rate, and export proceeds liquidations upon expiry of the 30-day retention period; and
iii. Foreign currency exchanged by exporters and free funds holders through the banking system at the prevailing market rate.
9. Dual Pricing System
In order to enhance the efficient pricing system in the economy, businesses will be required to display prices for goods and services and charge for all domestic transactions in both local and foreign currency at the ruling market rate.
Below is the full statement from the RBZ explaining the introduction of the Forex Auction System.
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