Latest News Editor's Choice

News / National

RBZ fast tracks fuel deliveries

by Staff reporter
17 May 2019 at 07:22hrs | Views
The Reserve Bank of Zimbabwe (RBZ) says it has worked out a mechanism to ensure Letters of Credit (LCs) for the procurement of fuel overlap to minimise supply side gaps causing shortages that manifest in long queues in most parts of the country.

This comes as it emerged that many fuel dealers do not have adequate local currency to match the equivalent foreign currency they require to procure large volumes of fuel, as demand for petroleum in Zimbabwe continues to grow exponentially.

Dealers need more funds after the RBZ announced in the 2019 Monetary Policy Statement the decision to relinquish the 1 to 1 parity exchange rate policy between the US dollar and other forms of payment that include bond notes and electronic dollars.

Source - Business Weekly