RBZ provides US$41m for fuel

By Staff Reporter

THE Reserve Bank of Zimbabwe (RBZ) says it has provided US$41 million for the procurement of fuel and expects

In a statement the bank further said it had begun drawing down on the US$500 million announced in the monetary policy statement.

“The RBZ wishes to advise members of the public that it has started drawing down foreign currency from the US$500m lines of credit advised in the Monetary Policy Statement issued by the Bank last week.As advised the purpose of the facilities is to fund the procurement of essential commodities including fuel, electricity, wheat, and raw materials for the manufacturing of cooking oil and packaging.

The bank released US$40m for the procurement of fuel on Friday, the 5th of October, 2018 and the fuel is currently being supplied 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 the fuel is delivered to the oil marketing companies across the country”.

Zimbabwe is currently experiencing a shortage of fuel and other basic commodities which the central bank attributed to a spike in parallel market rates.

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