FULL TEXT: Foreign Exchange Auction Rules

The RBZ has released the following statement that details the foreign currency exchange auction rules. Read the full statement below:

FOREIGN EXCHANGE AUCTION RULES The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that since the introduction of the Foreign Exchange Auction Trading System on 23 June 2020, three (3) Foreign Exchange Auctions have been conducted successfully. In order to enhance transparency and efficiency in achieving the primary objective of price discovery, the Bank advises that the following operating rules shall apply:

(a) Only bids for a minimum amount of US$50,000 and a maximum of US$500,000 from each bidder per auction shall be accepted;

(b) All bids shall be in United States Dollars (US$);

(c) Bidders shall submit only one bid per Foreign Exchange Auction and submission of more than one bid shall result in rejection of all bids submitted by the concerned bidder;

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(d) Bids submitted by bidders that have overdue export receipts or bidders that have not acquitted foreign payments as required by law shall be rejected;

(e) Bids submitted by bidders with positive balances in their Nostro accounts that are equal to or more than the bid amount shall be rejected;

(f) Bidders must submit their bids through Authorised Dealers by 1500 hours on every Monday, or if the Monday falls on a public holiday, on the next business day, preceding the date of the next Foreign Exchange Auction;

(g) Bidders must provide in their bids sufficient details of the purpose of funds and description of goods or services to be paid for;

(h) Foreign currency shall only be allotted for the purpose for which a bid has been made and utilising allotted foreign currency for any other purpose shall not be permitted; and

(i) Foreign currency shall be allotted to winning bids according to the Import Priority List (7096 Priority Level ) and 30,6 Priority Level 2).

John P Mangudya Governor 10 July 2020