DRC Ambassador Listed As Top Beneficiary Of RBZ Foreign Currency Auction

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DRC Ambassador Listed As Top Beneficiary Of RBZ Foreign Currency Auction
DRC Ambassador Listed As Top Beneficiary Of RBZ Foreign Currency Auction

Africa-PressZimbabwe. The ambassador of the Democratic Republic of Congo to Zimbabwe, Mawampanga Mwana Nanga has been listed as a top beneficiary of foreign currency sold at the Reserve Bank of Zimbabwe (RBZ) foreign currency auction system.

The foreign diplomat received higher forex allocations than a large-scale mining company over a period of one year.

The NewsHawks reports that Mwanananga doubles as the dean of African diplomats and is known for rallying counterparts in the diplomatic service to project Zimbabwe in good light especially during chaotic events like elections.

According to the latest list of 1 423 beneficiaries of the US$1.2 billion allotted under the main foreign exchange auction between June 2020 and 31 May 2021 which was published by the RBZ, the DRC ambassador, accessed US$120 000 from the main auction system.

Mwananangwa who is at position 992 on the main auction allocation list has no known business interests in Zimbabwe.

The Congolese diplomat accessed more cash than local diamond miner Murowa Diamonds which requires forex for its production. Mining is one of the most capital intensive sectors in the country.

Murowa received US$100 000 which represented 0.01% of the total allocations for large entities.

Other notable beneficiaries who received fewer funds from the apex bank compared to the DRC ambassador include Hwange Colliery, the City of Masvingo, Zimbabwe School Examinations Council and the Bindura University of Science Technology.

A few months ago, a local research unit Econometer Global Capital expressed concern over the allocation list which was published by the RBZ at the start of the year.

Econometer Global Capital said the would have been more helpful if the central bank had also provided critical information on whether or not the top beneficiaries are exporting, how their capacity has improved, among other key variables that may aid in understanding whether or not the forex is being put to good use.

More: Pindula News; TheNewsHawks

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