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Wed, 22 May 2019 12:31 - Updated Wed, 22 May 2019 12:31

Zimbabwe scraps official parity for fuel imports

HARARE - Oil companies in Zimbabwe will from Tuesday buy dollars to import fuel on the interbank market after the central bank ended the1:1 peg to the dollar that the firms were using, the bank said, a move that could see the price of fuel going up.

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The Reserve Bank of Zimbabwe introduced a new local currency and an interbank market in February to allow companies and individuals to trade in forex.

Importers of fuel were, however, allowed to buy dollars from the central bank at a rate of 1:1 to the greenback.

That arrangement has ended and the companies would only access dollars on the interbank market from Tuesday, RBZ Governor John Mangudya said in a statement.

“The new position is necessary to promote the efficient use of foreign exchange and to minimize and guard against incidences of arbitrage within the economy,” Mangudya said.Reuters

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