Full Text: RBZ Abandons 1:1 Rate For Fuel Companies

Press Statement on the Payment Arrangements for Fuel through the Interbank Foreign Exchange Market and the Drawing down of USD500 million offshore Line of Credit:

The Reserve Bank of Zimbabwe (the ‘Bank’) is pleased to advise the public that with effect from 21 May 2019, the procurement of fuel by the Oil Marketing Companies (OMCs) shall be done through the interbank foreign exchange market.

There shall be only one foreign exchange rate to be used in the market for the importation of all goods and services.

This means that the 1:1 exchange rate that was being used by OMCs for the procurement of fuel will be discontinued with immediate effect.

The new position is necessary to promote the efficient use of foreign exchange and to minimise and guard against incidences of arbitrage within the economy…

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