More than 4 000 firms together with southern area companies are benefiting from the weekly Foreign Exchange Auction Trading System the place a complete of US$1,968 billion has been allotted for the reason that introduction of the platform in June final yr.
In the curiosity of transparency and accountability, the Reserve Bank of Zimbabwe (RBZ) revealed this on the weekend when it publicised the listing of companies which have benefited from the official auction system.
Giant Bulawayo firms such because the Treger Group and United Refineries are among the many beneficiaries whereas Dendairy, Sable Chemicals and Sino Cement within the Midlands Province are additionally a part of the listing.
However, there are widespread issues that regardless of the allotments being made, some firms collaborating on the platform undergo delays in securing the forex.
The RBZ has nonetheless made a dedication to clear the backlog of near US$200 million by finish of this month.
“The auction system has to date lined and benefitted nearly each side of the financial system, from, inter alia, people’ wants for academic charges, SMEs’ necessities for capital and uncooked supplies and first producers’ capital necessities,” mentioned the Apex Bank.
“The auction has had greater footprint within the financial system as greater than 4 000 entities have accessed overseas foreign money by way of allotment of US$1,734 billion on the foremost auction and US$233,8 million on the SMEs auction.”
A complete of 1 728 beneficiaries have been allotted the overseas foreign money by way of the primary auction whereas a complete of three 588 firms have benefited from the SMEs auction.
The bulk of the allotted funds (60 p.c), in response to the financial institution, went in the direction of fee for uncooked supplies (US$794,7million) in addition to equipment and tools (US$382,5 million) whereas the remaining 40 p.c went in the direction of fee for consumables, prescription drugs and different important wants of the financial system.
The different beneficiaries are Blue Ribbon Foods, Varun Beverages, Cangrow Trading, Surface Wilmar, Olivine Industries, Innscor Africa, Zesa, Delta Beverages, Capri Appliances, Zuva Petroleum and Satewave Technologies.
RBZ has additionally launched a schedule displaying the overall overseas trade funds by supply for the interval January to August 2021 amounting to US$4,044 billion.
The determine is damaged down as follows: overseas foreign money accounts (US$2,458 billion), interbank market (US$246,449 million) and the overseas trade auction system (US$1,340 billion).
The weekly Foreign Exchange Auction Trading System was launched to enhance the productive sector’s accessibility to overseas foreign money for the procurement of uncooked supplies.
Companies collaborating on the auction system have additionally been capable of procure important and strategic imports like prescription drugs and chemical compounds, gas and electrical energy.