The Sunday Mail
Online Reporter
Bids for foreign currency under the Reserve Bank of Zimbabwe (RBZ)’s foreign currency auction will now be submitted through the bidders’ respective banks, central bank governor Dr John Mangudya announced on Tuesday.
The new submission guidelines are part of initiatives by the RBZ to ensure greater efficiency and transparency of the forex auction system.
Prior to the changes, submission of bids was being made to the central bank on the morning of the auction day.
“The bank wishes to advise the public that, with immediate effect, all bids for foreign exchange shall be submitted through bidders’ respective bankers at least four business days before the date of the auction,” said Dr Mangudya in a statement.
According to the RBZ, there has been a significant increase in the number of bids submitted through the auction system, averaging 2 000 bids per week.
