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JUST IN: RBZ invites all forex holders to use new auction systems

01 Jul, 2020 - 12:07 0 Views
JUST IN: RBZ invites all forex holders to use new auction systems The new RBZ auction system should help end the black market

The Herald

Business Reporter
The Reserve Bank of Zimbabwe (RBZ)’s monetary policy committee (MPC) has implored all holders of foreign currency to sell their money through the apex bank’s auction market at their preferred prices, to enhance the efficiency and effectiveness of the new platform.

The MPC said the holders of hard currency among them exporters, non-governmental organisations, bureaux de change and receivers of remittances can participate on the auction market directly by selling at preferred prices their funds to the RBZ.

At its meeting of June 23, the banks said was pleased with the outcome of the inaugural auction market held on Tuesday last week, which gave rise to the initial market determined exchange rate of 53 to 1, before the second successive auction this week that saw the rate rise to 63 against the greenback.

The bulk of applications for foreign currency submitted in the last two auctions held thus far have been successfully funded, giving confidence the platform will record incremental success with time and help stabilise the Zimbabwe dollar exchange rate and inflation.

“The committee reiterated that the authorised dealers and bureaux de change must serve all entities and individuals in need of foreign currency in between auctions, including those with requirements below the auction threshold of US$50 000, at the ruling market exchange rate,” said RBZ governor Dr John Mangudya in statement on Tuesday.

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