Requirements to participate on the Auction System in Zimbabwe.

With reference to the Monetary Policy Committee (MPC) Statement issued on 30 August 2021 and further communication received from RBZ Exchange Control Department. Policy measures introduced to improve efficiency of the auction system ensure successful submission of your bids to the Foreign Exchange Auction System;

Foreign Exchange Bid Limit Changes.

• The maximum bid for primary producers under the Main auction and SMEs auction remains at USD500,000 and USD20,000 respectively.
•  Bids by secondary users and importers of consumables and services will be limited to USD100,000 and USD10,000 under the Main and SME auctions respectively.
•  Bid forms have been amended accordingly.

Documentation Submission.

• Supporting documents to be submitted include (applicant bid form, proforma /commercial invoice Bill of Entry (Import) , applicant’s three (3) months bank statement , supplier (s) statement, tax clearance certificate , certification of incorporation , licences and any other relevant documents.
• No alterations are done on the bid forms.
• Documents should be submitted as one consolidated continuous scanned document with appropriate labels i.e. company name and date of submission.
• All bids should be submitted as per requirement from your Banker
• Invoices should be within 60 days from issue

Know Your Customer (KYC) and Customer Due Diligence (CDD)

Te bank will undertake rigorous verification of submitted documents including authenticity and completeness. Bids without the requisite documentation will be rejected at bank level. Any false information submitted shall be dealt with in terms of Section 5(1)(b) of Exchange Control Act (Chapter 22.05).

Surrender Requirements of 20% on Domestic Sales

The 20% surrender requirements on foreign currency domestic sales is not applicable to the following categories

• Oil Marketing Companies (OMC)
• Liquified Petroleum Gas (LPG) companies
• Individuals
• Tobacco and cotton growers
• Transitory Accounts
• Non-Governemental Organisations (NGO)
• Trust Companies
• Churches
• Schools
• Grain and Wheat millers registered with the Grain Millers Association of Zimbabwe