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Zim eases oil import conditions as stocks run low

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Harare - The Zimbabwean central bank has eased cash and import processing conditions for companies importing diesel, petrol and edible oils into the country to ensure availability of the commodities after stocks started to run low.

The cash-strapped southern African country has imposed stringent conditions on cash transactions to manage a biting liquidity crunch. It has also imposed import restrictions on most commodities but this has backfired in some cases, according to corporate sector officials.

“In recognition of the need to ensure availability of fuel in Zimbabwe, which is critical and strategic to the economy, authorised dealers are hereby advised, with immediate effect, to process fuel payment transactions for cash depositing companies by matching as an interim measure, cash deposits with cross border transfers on a ratio of 1:1,” Morris Mpofu, the Zimbabwean central bank director for exchange control, said in a recent note to banks.

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