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Business reporter

THE Treasury has availed funding to the Reserve Bank of Zimbabwe (RBZ) to start clearing the foreign exchange auction allotments, which will go a long way in enhancing the confidence on the formal platform.

RBZ Governor, Dr John Mangudya, announced the development in a statement today.

“Further to previous communication that Government would be providing funds to clear the ring-fenced backlog of foreign exchange auction allotments, the Reserve Bank of Zimbabwe is pleased to advice the public that it is in the process of clearing the ring-fenced backlog after receiving the funds from the Treasury,” he said.

“The bank wishes to thank the Government for providing the funds to clear the backlog. This will go a long way in restoring confidence in the foreign exchange auction system as well as establishing the foreign exchange market.”

Meanwhile, Dr Mangudya has urged foreign auction participants and banks to observe and uphold principles of good corporate governance and self-discipline to ensure high standards of business ethics and transparency for the stability of the economy in the short to medium term.