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BREAKING: RBZ speaks on fuel prices

by Mandla Ndlovu
20 May 2019 at 17:35hrs | Views
The Reserve Bank of Zimbabwe has advised  that with effect from 21 May 2019, all fuel dealers will  procure fuel through the inter-bank foreign exchange market.

"There shall be only one foreign exchange rate to be used in the market for the importation of all goods and services. This means that the 1:1 exchange rate that was being used by Oil Marketing Companies (OMCs) is now being discontinued with immediate effect.

"The new position is necessary to protect the efficient use of foreign exchange and minimize and guard against incidents of arbitrage within the economy."

The announcement has sparked speculation that the price of fuel will likely go up since the price of buying fuel has been liberalised.

Read the full statement below:

Source - Byo24News