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Economy

Formalisation of the informal sector to ensure creation of decent jobs.

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RBZ introduces foreign currency auction system for SMEs

Bulls n Bears

    

Aug. 7, 2020

Stakeholders have welcomed the Reserve Bank of Zimbabwe’s (RBZ) move to allow Small to Medium Enterprises (SMEs) on the foreign currency auction system as a move that will go a long way in boosting their operations. Yesterday was the first time the SMEs auction was conducted resulting in about US$460 167 being allotted. Just like the main auction, the bulk of the funds were allotted for raw materials as well as equipment. A total of 40 bids were received and 7 were disqualified. The highest bid was $85 while the lowest was $75. The weighted average rate remained at the same level of the main auction. The foreign currency auction system was introduced by the RBZ as a means to dissuade businesses from turning to the parallel market in search of foreign exchange for essential imports.

Previous Updates

Government Extends Ban on Private Kombis not operating under ZUPCO franchise

The Sunday Mail

    

May 17, 2020

GOVERNMENT intends to extend the ban on privately-owned commuter omnibuses (kombis) beyond the national lockdown and will only allow them to operate under the Zimbabwe United Passenger Company (Zupco) franchise. This is part of elaborate plans to de-congest urban centres and modernise the public transport system. Kombis have been barred from operating since the lockdown started on March 30.

Government opens up ZUPCO franchise to commuter omnibus operators

Herald

    

Oct. 12, 2019

Government has opened the Zimbabwe United Passenger Company (Zupco) franchise to commuter omnibus operators in a move likely to increase convenience for urban commuters. Officials from Zupco and a few transport operators yesterday penned a deal which will see the implementation of a pilot operation. The new deal comes as the transport utility is being revived by the Government as part of measures to build a safe and reliable transport system in the country.

    

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