AUTHORITIES say the stability-inducing forex auction continues to spur revival of production in the economy — with capacity utilisation expected to reach 60 percent by year-end — as industry continues its push towards yesteryear productivity levels.
The forex auction has been credited with taming the once rampant black market, which for many years triggered skyrocketing prices of goods and services in the country.
This comes as the Reserve Bank of Zimbabwe (RBZ) has so far allotted over US$1,72 billion to spur industrial and small to medium scale enterprises growth.
“Commendably, the foreign exchange auction system … has ensured uninterrupted financing of importation of key raw materials and equipment for the productive sectors of the economy.
“Capacity utilisation in the manufacturing sector has, as a result, increased from 36 percent in 2019 to 47 percent in 2020 and is expected to further increase to above 61 percent in 2021,” RBZ governor John Mangudya said in his mid-term monetary policy sta
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