RBZ Launches Second Foreign Currency Auction, to Announce New Exchange Rates Twice Per Week

RBZ has launched a second Foreign Currency Auction, to announce new exchange rates twice per week

This move have left the public confused what this really mean.However unlike the first Auction System,this was designed to cater for the needs of small to medium enterprises (SMEs) which will cater for forex needs of SMEs.

The auction which will be conducted every Thursday will accept bids of a minimum amount of US$2 500 and a maximum amount of US$20 000.

This comes when the central bank in June introduced another forex auction which accepts bids for a minimum amount of US$50,000 and a maximum of US$500,000 from each bidder per auction conducted every Tuesday.

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