The Reserve Bank of Zimbabwe (RBZ) has issued results for the Foreign Exchange Auction System as at 08 June 2021.

Meanwhile, the government recently tightened screws on the system through the promulgation of Statutory Instrument (SI) 127 of 2021.

The SI, however, stirred debate with industry saying it has caused a rise in the price of commodities.

The Confederation of Zimbabwe Industries recently called on the government to suspend the instrument.

However, the government said the purpose of the S.I is to ensure that those obtaining foreign exchange from the auction system do not use parallel market rates.

“The use of parallel exchange rates of above 100, for example, on funds obtained from the auction at ZW$85 to US$1 is not good for the economy and consumers. It is these anomalies or arbitrage opportunities that the S.I is designed to deal with,” said government.