Efficacy of forex auction key for NDS1

By Davison Vandira

ECONOMISTS have praised the efficacy of the central bank’s  foreign currency auction platform a key driver of the envisaged five percent growth to the country’s GDP this year.

The Zimbabwean economy last year experienced enhanced capacity utilisation and productivity that surpassed the 60 percent mark, owing to the Reserve Bank of Zimbabwe Auction System which satisfied industry needs with regards to raw materials, Equipment and Machinery.

According to the central bank’s 2021 forex payments statistics US$1.9 billion oiled and increased the country’s productivity which strengthened the economy’s capacity to attain the 7.8 percent growth target.

It is against this economic context of an improved macro-economic environment where the country’s transformation agenda has shaped very well, as such economic analysts are calling for more support that aims to further grow and strengthen the Auction System in 2022.

“It is really exciting times for the country’s industry as we witnessed massive growth in 2021 and we envisage to continue witnessing major milestones as such we call the RBZ to continue oiling industrial activities to widen the horizon for economic growth,” said Batanai Matsika, an Economist.

The sustained surge to the country’s industrial growth is a key enabler to the implementation of the National Development Strategy One as it enters its second year.

The post Efficacy of forex auction key for NDS1 appeared first on ZBC NEWS.

Leave a Reply

%d bloggers like this: