UPDATED: Foreigners Can Only Buy Fuel Using Cash Not Swipe Or Bond- RBZ

Presenting the Midterm Monetary Policy on Monday afternoon, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said foreigners will now pay for goods and services in hard foreign currency.

Mangudya said this will apply to foreign truck drivers plying the Zimbabwean routes and foreign traders buying goods in the country. He said the measure is meant to stop foreign truckers and traders from selling foreign currency on the black market. Said Mangudya:

It has come to the attention of the Bank that foreign truckers plying the Zimbabwean routes are involved in foreign currency arbitrage activities in Zimbabwe by trading in the parallel market of foreign currency and purchasing fuel in Zimbabwe at the official rate of exchange. In order to deal with this rent seeking behaviour, with immediate effect, all foreign truckers plying the Zimbabwean routes shall pay for their fuel in Zimbabwe in foreign currency. The same shall apply to foreign traders buying goods in Zimbabwe for sale in the neighbouring countries.

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