Listed companies reporting their latest financials have effectively defied claims made by former finance minister,
Biti is on record as saying the system which was launched in
Speaking during a media interview a week ago, the former treasury boss criticised the RBZ controlled platform for failing to exhibit the tenets of a free-market auction system where many suppliers and buyers participate freely.
However,
Presenting the financial performance for the second half ended
"The introduction of the foreign currency auction system in
"The Group is hopeful that this auction system will continue to ensure that payments to foreign suppliers will be met, despite some delays being experienced in receiving the auction money," he said.
Ngwerume added that the relatively stable environment has given rise to the anticipated correction of gross margins across the Group's businesses in
Companies which fall under
Listed cigarette manufacturer,
Diversified light manufacturing concern, Innscor Addington Chinake said the prevailing stability in the economy was mainly attributable to the successful introduction of the foreign currency auction system.
"Coupled with Statutory Instrument 185 of 2020 which allowed the use of free funds, the initiatives allowed for improved capital allocation and pricing efficiencies across the Group's value chains taking advantage of a prudently controlled money supply, have proven conducive for business," he said.
Resultantly, since
The introduction of the foreign currency auction system on
"The stability meant that it became simpler to optimise trading models and in response our pricing strategy sought to drive volume growth and ensure that our products remained relevant to the consumer," he said.
Moyo attributed slowing inflation to increased operating expenditure in real terms, as costs adjusted to normal levels in the lower inflation environment.
He said the optimisation of cost structures once again became a key priority for the Group to ensure our business models remain competitive.
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