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Zimbabwe: Forex Auction – ZCTU Slams Businesses for Double Dealing
1 day ago
By Alois Vinga
THE Zimbabwe Congress of Trade Unions (ZCTU) has slammed some local businesses for enjoying access to foreign currency at the official rate while unfairly pricing their goods and services using parallel market rates.
Recently, the Reserve Bank of Zimbabwe (RBZ) published a list showing that since the inception of the Foreign Exchange Auction system in June 2020, almost US$1 billion was availed to companies at the official exchange rate which is below $85 for every US$1.
Companies like Cangrow, Stanbic Investor Services, Blue Ribbon Foods and Surface Wilmar are part of the top 10 beneficiaries on the list.
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