RBZ launches second Foreign Currency Auction, to announce new exchange rates twice per week

FBC, CBZ and Agribank Nostro accounts

People are confused following an announcement by the Reserve Bank of Zimbabwe of an additional foreign exchange auction that’s designed to fit the forex needs of individuals Small and Medium Enterprises (SMEs).

The Reserve Bank of Zimbabwe (the Bank) is pleased to advise the public of the introduction of a second foreign exchange auction system to cater for the foreign currency needs of Small and Medium Enterprises (SMEs).

Bank would like to express its appreciation to Government for contributing foreign exchange towards the success of the foreign exchange auction system in Zimbabwe.

RBZ’s statement

This second Foreign Exchange Auction works just like the first auction except that the required minimum amount to buy forex is relatively lower, which is US$2 500. Whereas on the the first auction which takes place every Tuesday, the minimum amount of forex to buy is US$50 000.

When will the second auction be conducted

The second Foreign Exchange Auction will be conducted every Thursday.

Where is the confusion coming from

The first Foreign Exchange Auction determines the exchange rate every Tuesday so its unclear RBZ will be announcing another exchange rate on Thursday when the second Foreign Auction of SMEs is conducted.

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