The Reserve Bank of Zimbabwe (RBZ) says the Foreign Exchange Auction System, which was introduced by the Bank on 23 June 2020 has been successful in achieving price stability in the national economy.

Speaking regarding the system in March this year, RBZ Governor John Mangudya said success has been achieved through market price discovery of the exchange rate and provision of a dependable foreign exchange market.

He said since inception of this auction system, there has been a significant increase in both the number of bids and the value thereof from just under 100 bids valued at US$11 million at the first auction to over 500 bids valued at around US$40 million at both the Main and SME auctions in March.

Meanwhile, below are Foreign Exchange Auction Results on the 18th of May 2021;