Statement on the Introduction of RBZ Auction System for Small and Medium Businesses

The Vendors Initiative for Social and Economic Transformation (VISET) welcomes the introduction by the Reserve Bank of Zimbabwe (RBZ) of an auction system for the Small to Medium Sector. This move will see greater participation in the economic mainstream and go some way in formalising the informal sector.

It is however of concern that the minimum amount for bids is set at $2500 considering that for most informal traders this would be well out of reach. We look forward to being furnished with more concise information as to the guidelines for participation but would suggest that if there is no downward variation of the minimum amount, there should at least be an accommodation of clustering traders to make combined bids. This would go a long way in ushering more of the informal traders into the mainstream economy and eliminating trading on the black market.

We are hopeful that the Reserve Bank will consult the sector in order to incorporate these and other suggestions to ensure the success of this policy initiative.

Source: Vendors Initiative for Social and Economic Transformation (VISET)

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