Weekly Economic And Financial Market Review

Introduction of a Foreign Exchange Auction Trading System

– The RBZ released a press statement concerning the establishment of the Foreign Exchange Auction Trading System to be operational with effect from 23 June 2020.

Bidding Timelines

– The Auction will be conducted once every week on Tuesdays. Where the Auction date falls on a public holiday, the Auction will be conducted on the next business day which is not a public holiday. Auction results will be released and published by 1639hrs on the Auction day.

Settlement

– Payment for winning bids will be made through the Zimbabwe Electronic Transfer and Settlement System (ZETS) on a T+1 basis. The RBZ will transfer the forex to the Nostro account of the winning bidders’ Authorised Dealer, after receiving the ZWL$ equivalent. Settlement of funds transferred to the Nostro account will be on a T+2 basis.

Forex Auction Results for the week ending 26 June 2020:

-The weighted average of ZWL$57.36 for every US dollar, was the official exchange rate for the week. US$10.34m was traded on Monday with the highest bid coming in at ZWL$100 while the lowest bid came in at ZWL$25.50…Read More

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