RBZ Eases Forex Rules To Improve US$ Flow In The Country

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe has announced new rules on foreign currencies, a move premised at unlocking $1.3 billion held in banks by exporting companies, individuals and international organisations.

In a circular released on Wednesday, the RBZ said that Oil firms, chrome miners, embassies and international organisations in Zimbabwe can use foreign currencies for local transactions.

These new rules follow Statutory Instrument 142 of 2019 which outlawed the use of all foreign currencies for domestic transactions. The SI reintroduced the Zimbabwe dollar and declared it the sole legal tender.

The circular said that those earning foreign currency would be allowed to buy fuel in dollars and that chrome mining firms and smelters could buy chromium from small scale producers in forex. It read:

To facilitate increased accessibility of fuel in the country and to reduce pressure on the inter-bank foreign exchange market, direct fuel imports are still permissible.

More: Times Lives SA

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4 comments on “RBZ Eases Forex Rules To Improve US$ Flow In The Country

  1. Open everything like 2008. You DAMN fool. Pay employees in Forex. Why admit failure in stage while people SUFFER.

  2. why allow a certain group to use forex locally when you initially banned it all in the first place ..You need not to be selective when emplimenting your policies

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