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Mangudya Names And Shames Forex Auction Abusers

Forex Auction Abusers

Reserve Bank of Zimbabwe governor Dr John Mangudya has shamed eighteen companies accused of abusing the foreign exchange auction system.

These eighteen entities face penalties failing to comply with statutory instrument 127 of 2021.

Chief among the entities are National Foods Limited, Africasteel, Georgia Petroleum and Mutare Mart and Exchange, among others.

According to the latest statutory instrument, it is illegal to sell above the stipulated official exchange rate.

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ZBC reports that companies that access foreign currency on the auction system are also required to use the forex for the intended purpose.

While businesses should also receipt goods and services bought in the currency of origin like the US dollar or Zimbabwe dollar.