{"id":26176,"date":"2020-08-07T19:26:03","date_gmt":"2020-08-07T17:26:03","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=26176"},"modified":"2020-08-07T19:26:03","modified_gmt":"2020-08-07T17:26:03","slug":"rbz-smes-u-s-auction-system-exchange-rate-hits-1-5","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rbz-smes-u-s-auction-system-exchange-rate-hits-1-5","title":{"rendered":"RBZ SMEs U.S.$ Auction System Exchange Rate Hits 1- 5"},"content":{"rendered":"

The Reserve Bank of Zimbabwe (RBZ) Small to Medium Enterprises foreign exchange auction system Thursday left the exchange rate at 1:75 against the United States dollar, converging with the formal exchange rate.<\/p>\n

A trading update released by the central bank at the close of business Thursday showed that a total US$460 167 was allotted on the day with the highest rate reaching 1:85 and the least accepted rate standing at 1:75.<\/p>\n

The formal or auction rate drifted from $73 to around $76 to the greenback last Tuesday.<\/p>\n

The number of bids received during the auction system stood at 40 out of which 7 bids were disqualified for failing to meet set criteria.<\/p>\n

From the totals allocated, US$ 178 517 went towards raw materials while US$91 447 went towards machinery and equipment.<\/p>\n

Consumables gobbled $86 309 while retail and services received a total US$63 700.<\/p>\n

The black market rate has been stagnant at US$1 to $90-95 for over five weeks now.<\/p>\n

“Going forward the SMEs auction will be run concurrently with the main auction on Tuesdays,” said the central bank.<\/p>\n

The RBZ introduced a second weekly foreign currency auction system to cater for small to medium-scale enterprises.<\/p>\n

The development follows an appeal by Small to Medium Enterprises for the government to include the participation of SMEs in the forex auction trading system.<\/p>\n

SMEs raised concerns that the weekly Foreign Exchange Trading System introduced in June was biased towards individuals and large corporates.<\/p>\n

They also said they could not raise a minimum of US$50 000 to participate at the auction system.<\/p>\n

Only bids for a minimum amount of US$2 500 and a maximum of US$20 000 from each bidder per auction shall be accepted.<\/p>\n

Bidders shall submit only one bid per foreign exchange and submission of more than one bid shall result in rejection of all bids submitted by the concerned bidder.<\/p>\n

The SME bidders are required to submit their bids to their authorised dealers by 15:00hrs on a day before the auction system.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve Bank of Zimbabwe (RBZ) Small to Medium Enterprises foreign exchange auction system Thursday left the exchange rate at 1:75 against the United States dollar, converging with the formal exchange rate. A trading update released by the central bank at the close of business Thursday showed that a total US$460 167 was allotted on […]<\/p>\n","protected":false},"author":84,"featured_media":1525,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[653,1303],"class_list":{"0":"post-26176","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-rbz","10":"tag-zimbabwe-stock-exchange"},"yoast_head":"\nRBZ SMEs U.S.$ Auction System Exchange Rate Hits 1- 5 - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Reserve Bank of Zimbabwe (RBZ) Small to Medium Enterprises foreign exchange auction system Thursday left the exchange rate at 1:75 against the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-smes-u-s-auction-system-exchange-rate-hits-1-5\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ SMEs U.S.$ Auction System Exchange Rate Hits 1- 5\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of Zimbabwe (RBZ) Small to Medium Enterprises foreign exchange auction system Thursday left the exchange rate at 1:75 against the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-smes-u-s-auction-system-exchange-rate-hits-1-5\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-07T17:26:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/14\/2019\/01\/rbz.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-smes-u-s-auction-system-exchange-rate-hits-1-5\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-smes-u-s-auction-system-exchange-rate-hits-1-5\",\"name\":\"RBZ SMEs U.S.$ Auction System Exchange Rate Hits 1- 5 - 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