By 
The Reserve Bank of Zimbabwe (RBZ), Governor Dr John Mangudya, yesterday changed and amended Foreign Currency Auction bidding
rules, bringing a new provision that bidders should submit their bids through banks four working days before the auction date as a way to give the apex bank time to sift through requests.
Banks are also now required to submit bids received from their clients to the apex bank within three working days, and any bids not supplied within that timeframe will be disqualified forthwith.
The new changes have been effected to deal with bidders who have been taking advantage of the weak auction and banking systems in the country to manipulate processes.
The RBZ now sees this as the opportunity to ascertain authenticity of the bids on time and allot foreign currency to deserving companies and individuals.
“The bank wishes to advise the public that with immediate effect, all bids for foreign
exchange shall be submitted through bidders’ respective bankers at least four business days
before the date of the auction.
“The bankers shall in turn submit the bids to the bank, the auction administrator, at least
three business days before the date of the auction.
“There has been a significant increase in the number of bids being submitted through the
auction system, averaging 2 000 per week, and thus the change in bid submission timelines
will give banks ample time to carry out the necessary due diligence processes and assess
their customers’ bids,” the statement by RBZ Governor Mangudya released yesterday in the morning read.
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