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ZNCC Slams Forex Auction Beneficiaries Demanding Higher Premiums


By Alois Vinga
THE Zimbabwe National Chamber of Commerce (ZNCC) has slammed local businesses for circumventing official exchange rates through pricing goods and services at premiums higher than the stipulated rates when they were major beneficiaries of the auction system.
The Reserve Bank of Zimbabwe (RBZ) last year incepted the Foreign Exchange Auction system which has been credited for stabilising exchange rates and slowing down both monthly and yearly inflation rates.
Despite close to 800 companies having benefited from the weekly Foreign Currency Auction Trading System, where US$639,5 million has been allotted since the introduction of the platform, many businesses continue to peg their goods at premiums which were higher than those obtaining in the official market. ....

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