Zimbabwe: Forex Auction for Small Businesses

5 August 2020

As the ruling exchange rate set on the major weekly auction slid just 4.8 percent yesterday to $80.4663 to US$1, the Reserve Bank of Zimbabwe (RBZ) announced the introduction of a second weekly Thursday auction for small and medium businesses needing to buy US$2 500 to US$20 000.

Yesterday's "big-bidder" auction, where bids have to be for between US$50 000 and US$500 000, saw a large pool of US$18 531 336.74 allocated for the 201 valid bids totalling US$19 773 961.25.

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