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Oliver Kazunga, Senior Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) has announced that all foreign currency bids shall be submitted through the bidders’ respective bankers at least four business days before the auction date.

In a statement, RBZ advised that of late, there has been a significant increase in the number of bids being submitted through auction system averaging 2000 per week and it is hoped that the change in bid submission timelines would give banks sufficient time to carry out the necessary due diligence.

“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 at the auction,” said the Apex Bank.

“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 2000 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,” it said.

RBZ said any bid submitted later than the set time frame shall be disqualified. Meanwhile, this week’s exchange rate stands at 99,93 against the United States dollar.