AXIA Corporation (Axia) says the liberalisation of the foreign exchange market is expected to bring relief to pricing products accordingly.
Earlier this year, the central bank introduced the willing-buyer willing-seller foreign exchange system to expand access to the foreign exchange market as well as provide for a market driven price determination mechanism.
Axia said the establishment of the wholesale willing buyer willing seller market has brought renewed confidence in the foreign currency auction system. “The group is hopeful that this will be a reliable source of foreign currency to enable the group to pay foreign suppliers and price products accordingly. The right pricing of goods will stimulate demand thus improving sales volumes,” Luke Ngwerume, the group’s chairman, said in a statement accompanying financials.