RBZ Allocates US$40 Million To Quell Fuel Shortages

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The Reserve Bank of Zimbabwe has chipped in with a $40 million bailout of the prevailing fuel crisis. In a statement released this afternoon by the central bank, RBZ Governor Dr John Mangudya explained the money was drawn out of the $500 million credit for procurement of essential commodities.

This announcement comes at a time Government had to wait till the situation derailed out hand where Zimbabweans slept on fuel queues across the country.

WhatsApp groups have been created to alert desperate motorists on service stations with fuel across the country.

“The Reserve Bank of Zimbabwe wishes to advise members of the public that it has started drawing down foreign currency out of the US$500 million lines of credit advised in the Monetary Policy issued by the Bank last week,” he said.

Dr Mangudya said the the purpose of the credit lines is to facilitate the procurement of “essential commodities” such as fuel, electricity, wheat and raw materials for the manufacturing of cooking oil and packaging.
He said $40 million was allocated for fuel importation.

“The Bank released US$40 million for the procurement of fuel, the 5th of October 2018 and fuel is currently being supplier and delivered to the various filling stations and supply points across the market. The Bank is grateful to the National Oil Company of Zimbabwe for working round the clock to ensure that fuel is delivered to the oil marketing companies across the country,” the RBZ chief said.
But up till today, motorists are still stranded in winding queues waiting to get fuel.

Dr Mangudya urged Zimbabweans to desist from panic buying. He reiterated the assurances by Transport Minister Dr Joram Gumbo that Zimbabwe does not have a fuel crisis.
“In view of these positive developments, the Bank would like to ensure the public that there is sufficient available in the country and therefore there is no need for panic buying of fuel and other essential commodities,” said Dr Mangudya.

He pinned the blame of price hikes on illegal money changers.

“The Bank has noted that the increase of prices of certain goods has followed the spike in foreign currency parallel market rates which is being caused by some people bent to dupe the public of their hard earned income. The opportunists are manipulating foreign currency parallel market rates to cause unnecessary panic and despondency and destabilization of the economy. Such counterproductive behavior is unwarranted and should be condemned by all peace loving Zimbabweans,” Dr Mangundya said

2 Comments
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