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