The Reserve Bank of Zimbabwe (RBZ) has announced it will resume a floated foreign currency exchange rate system next Tuesday, which will be conducted on weekly basis.
"The bank wishes to advise the public that the foreign exchange auction trading system will be operational with effect from 23 June 2020," RBZ governor John Mangudya said in a statement.
"The bidding platform shall be the Reuters foreign currency auction system, which shall be linked to the computerised export payments Exchange Control system (CEPECS and Computerised Exchange Control Batch Application System CEBAS," he said.
The foreign exchange auction system shall be funded from offshore facilities arranged by the bank and forex availed through surrender requirements which will be liquidated at the prevailing market rate and export precedes liquidations upon.
It will also be funded through foreign currency exchange by exporters and free funds holders through the banking system at the prevailing market rate.
