Econet adjusts tariffs after RBZ introduction of inter-bank forex market

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By Xinhua

THE country’s largest mobile network services provider Econet Wireless on Tuesday announced an adjustment in tariffs for roaming and international calling services to reflect movement in exchange rate as determined on the inter-bank market.

This follows the introduction of an inter-bank foreign exchange market by the Reserve Bank of Zimbabwe last week where electronic money known as Real Time Gross Settlement, bond notes and coins can be traded against other currencies at market rates.

This was a departure from the central bank’s long maintained position that the local currency was at par with the U.S. dollar although on the black market the currency traded at higher rates to the U.S. dollar.

On the official inter-bank market last Friday, the exchange rate debuted at 2.50 against the U.S. dollar, lower than black market rates of around 3.50.

Econet said it has certain services that require direct settlement in foreign currency, hence the adjustments would enable it to continue providing the services that include roaming services, international outbound calling and SMS services.

It, however, pointed out that the adjustments do not amount to changes in tariffs.

“The applicable tariffs for these services remain unchanged. We are simply recognising the impact of the movement in the exchange rates from 1:1 to the inter-bank rate as determined by the market for services that are directly procured in foreign currency,” Econet said.