RBZ releases $40m for fuel procurement

The Reserve Bank of Zimbabwe (RBZ) has started drawing down on the $500 million Afreximbank facility with $40 million released for the procurement of fuel.

In a statement today, RBZ governor John Mangudya said the money was released on Friday and the fuel “is being supplied and delivered to the various filling stations and supply points across the country”.

“The bank is grateful to the National Oil Company of Zimbabwe for working round the clock to ensure that the fuel is delivered to the oil marketing companies across the country”.

“In view of these positive developments, the bank would like to assure the public that there is sufficient fuel available in the country and therefore there is no need for panic buying of fuel and other essential commodities,” Mangudya said.

Zimbabwe has been facing a biting fuel crisis for the past week which has triggered a rise in the price of basic commodities.

Oil marketing companies get the foreign currency from RBZ to buy the fuel.

In his monetary policy statement last week, Mangudya said RBZ was allocating $20 million per week to oil marketing companies to procure the fuel.

Mangudya said the demand for fuel had increased, a sign of an expanding economy.

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