Tafadzwa Nyikadzino

The Reserve Bank of Zimbabwe has introduced a new Foreign Currency Auction System for Small to Medium Enterprises (SMEs) to access foreign currency to import essential services for their businesses.

The development comes weeks after the central bank introduced an auction system with conditions which elbowed small players from sourcing forex from the formal system where it is cheaper, forcing them to get it from the parallel market at higher premiums.

The new forex auction system comes with more relaxed bidding conditions that allow SME bidders and individuals to participate on the platform.

A statement from the central bank gleened by this publication reveals that the new auction system will allow bids for a minimum amount of US$2,500 and a maximum of US$20 000 per bidder to be traded on the platform.

The new bidding platform will operate every Thursday. Bellow are the full details of how it will be conducted: