Zimbabwe: Auction System to Boost SMEs

7 August 2020

Stakeholders have welcomed the Reserve Bank of Zimbabwe's (RBZ) move to allow Small to Medium Enterprises (SMEs) on the foreign currency auction system as a move that will go a long way in boosting their operations.

Yesterday was the first time the SMEs auction was conducted resulting in about US$460 167 being allotted. Just like the main auction, the bulk of the funds were allotted for raw materials as well as equipment. A total of 40 bids were received and 7 were disqualified. The highest bid was $85 while the lowest was $75. The weighted average rate remained at the same level of the main auction.

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