News / National
Fuel shortages imminent - Government
11 Oct 2016 at 01:50hrs | Views
Partson Mbiriri
A crippling fuel crisis is looming as oil companies are struggling to access money at banks.
Secretary for Energy and Power Development Partson Mbiriri confirmed the development.
"What has been happening is that when oil companies approach their banks requesting them to make payments for the importation of fuel, there have been some financial bottlenecks in seeking clearance from the central bank.
"They have been told that there is no foreign currency. There have been challenges related to foreign currency, making it difficult to make payments of fuel imports through their nostro accounts,".
Some banks have reduced withdrawal limits to as low as $20 a day.
Secretary for Energy and Power Development Partson Mbiriri confirmed the development.
"What has been happening is that when oil companies approach their banks requesting them to make payments for the importation of fuel, there have been some financial bottlenecks in seeking clearance from the central bank.
"They have been told that there is no foreign currency. There have been challenges related to foreign currency, making it difficult to make payments of fuel imports through their nostro accounts,".
Some banks have reduced withdrawal limits to as low as $20 a day.
Source - Byo24News
