RBZ Threatens To Blacklist Schools & Pharmacies “Manipulating” Currency

RBZ Threatens To Blacklist Schools & Pharmacies "Manipulating" Currency

RBZ Threatens To Blacklist Schools & Pharmacies “Manipulating” Currency

RBZ Threatens To Blacklist Schools & Pharmacies "Manipulating" Currency
RBZ governor John Mangudya (Image Credit: Bloomberg)

 

 

 

The Reserve Bank of Zimbabwe (RBZ) has threatened schools and pharmacies, which it alleges are manipulating the local currency.

According to the central bank, some businesses, particularly pharmacies and schools, are breaching the Bank Use Promotion Act. However, the authorities did not go into detail on how the businesses are breaching the law or manipulating the law currency.

The central bank warned that it would impose a range of penalties on businesses, schools and pharmacies found on the wrong side of the law. The penalties include imposing fines, freezing bank accounts and blacklisting the culprits.

Below is the complete statement released by RBZ governor John Panonetsa Mangudya on Wednesday regarding the currency manipulators.

 

ACTION AGAINST CURRENCY MANIPULATORS

The Reserve Bank of Zimbabwe would like to advise the public that the Financial Intelligence Unit (FIU) is currently investigating cases of breaches of the Bank Use Promotion Act and currency manipulations by some business entities. The breaches have become particularly pronounced and prevalent at some schools and pharmacies.

The FIU will deploy all tools at its disposal to deal with such malpractices including imposition of fines, freezing of bank accounts and blacklisting from enjoyment of financial services.

Members of the public are urged to report offending businesses and service providers to the FIU on hotline numbers 0780434475 and 0714039897

 

RBZ Threatens To Blacklist Schools & Pharmacies "Manipulating" Currency
RBZ Threatens To Blacklist Schools & Pharmacies “Manipulating” Currency

Reactions to the governor’s statement and threats have been mixed. Mangudya has been accused of being insincere in fixing the country’s currency woes.

 

 


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    Why Do People Always Feel Cheated In An Insurance Contract

    Why Do People Always Feel Cheated In An Insurance Contract

    Since time immemorial, I have often heard a lot of folks complaining about being “cheated” or “ripped” off by insurance companies without seeking recourse from the justice system. The next question then is why litigation has not succeeded in the courts.

    Let us start by defining what insurance is.

    WHAT IS INSURANCE – Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured. (Investopedia)

    At the back of our minds, let us remember the fact that insurance is never bought but sold. And herein lies the major problem for this subject. It is rare for people to walk into an insurance company and purchase an insurance product even if the need is there. It means then that a sales agent or insurance advisor must solicit for clients in order for an insurance sale to happen.

    By the way, most financial advisors have strict targets to meet and are always compensated by way of commissions. The desire to earn more exerts tremendous pressure on the part of the advisor which leads to misrepresentation of facts.

    There are measures in place to guard against misrepresentation like business validation by way of calling and confirming placement of the business by the office, issuance of policy documents clarifying what the contract is all about and many other procedures. However, measures alone are not sufficient and cannot be 100% foolproof. They can be violated anytime so over and above measures, advisors need to embrace ethics holistically.   

    On the consumer side, the greatest weakness is the lack of product knowledge coupled with the lack of desire to read the literature that is provided in the form of a policy document. The policy document is evidence of the existence of an insurance policy. It stipulates all the policy terms and conditions.  At this stage, consumers must be able to note any deviations from what they were told and signed for.

    Policy documents come with a 30-day cooling-off period where one is expected to go through the policy document and confirm if they are in agreement with its contents. If not in agreement, the policy can be cancelled or altered without any prejudice.

    Many people rush to append signatures on the document without reading the contents and obviously, we know that a man is bound by his signature. Consumers will be requested to return a tear-off slip with their signatures indicating whether they accept or decline the policy.  Statistics point to the fact that the majority will sign and accept without going through or understanding what the contract is all about. The law again requires the insurance companies to receive and file all acknowledgement slips and as you will note below, these are the ones that will come to the defence and rescue of both the unethical agent and insurance company in the event of litigation.

    Consumers will fail to observe issues and critical terms such as lapses, cancellations, the principle of utmost good faith, premium escalation clauses and many other terms. Many will be of the opinion that whatever contributions they make, they can withdraw them anytime they feel like pulling out of the contract. 

    Cancellations and lapses due to affordability issues will give rise to the termination of policies and many opt for policy termination in the forlorn hope that they will recover their contributions. But a policy being a contract by its own nature have penalty clauses for the breaching part. In this case, it will be forfeiture of all premiums contributed as the insurance company would need to cover costs incurred. This will result in the policyholder feeling aggrieved and cheated. In cases, where the litigation route was followed, I doubt if there is any that succeeded owing to lack of evidence of wrongdoing on the part of the company and its representatives.

    I will pen off by encouraging all potential policyholders to read and understand the terms and conditions of their policies or to visit insurance offices for interpretation of their contracts. To the regulator, I also recommend that insurance companies be compelled to avail policy documents in vernacular to assist with a better understanding of the contracts.

     

     

    About the writer: Paradzai Masvingise is an Insurance practitioner with vast experience in the insurance industry. He can be contacted on email: pmasvingise.pm@gmail.com or Whatsapp +263772955507

     

     

    Why Do People Always Feel Cheated In An Insurance Contract

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    Content Marketing Strategies for Local Businesses 

    Marketing is one of the most important factors for growing a business

    Content Marketing Strategies for Local Businesses 

    Content marketing centers on publishing different kinds of content that satisfy the interest of the company’s targeted audience and is done for purpose of attracting new customers. The main benefit of content marketing compared to other forms of internet promotion like pay-per-click ads is that it brings: predictable, scalable, and cost-effective traffic to the company’s website.

    Most people tie content marketing with textual blog posts and other similar text forms, but the truth is that content can be developed in various forms including text, graphics, photos, video and audio recordings, software, and apps, etc and published on blogs, websites, online galleries, social media, YouTube channels and many other online places that can be used for this purpose. In this article, https://jatapp.com/ ​​digital marketing experts discuss content marketing strategies that can be successfully applied to local businesses.

    Local Businesses and Content Marketing

    A lot of small business owners hesitate when it comes to implementing content marketing strategies into their marketing plans. It’s wrong to think that a good content marketing strategy requires big funding or lots of manpower. Many sole entrepreneurs or one-man marketing teams succeed in running great content marketing campaigns by themselves. Their responsibilities are usually the following:

    1. Creating content
    2. Optimizing content for SEO
    3. Managing company’s social media accounts

    When it comes to the content itself, there are plenty of ways to create good content that will be interesting for local businesses ’ targeted audience without losing too much time or hiring professional content creators. Photo of well-designed office interior or tasty-looking meal is a powerful content for small office-based business or a local restaurant.

    The same goes for the video recording of a fun night in the local bar or a studio recording of a local banfd’s most popular song. One of the necessities when it comes to content creation is to start placing every bit of the company’s everyday business into a content frame.

    How to Create a Local Content Strategy

    In the previous paragraph, we emphasized how easy is to create good content, but creating a good content marketing strategy is not that simple. It should be an ongoing process whose ultimate goal is to increase sales and achieve sustainable competitive advantage. 

    The Process of creating a local content marketing strategy can be done in 8 separate steps:

    1. Identifying Local Audience – this can be effectively done with the help of different analytic tools like Facebook Insights, Google Keyword Planner, or Neilson Prizm that also offers a ZIP Code Lookup option.
    2. Creating Goals and Rules– goals and rules of the campaign that are created, should be explained to all members of the marketing team.
    3. Analyzing Current Local Content – content that’s already published on the company’s website or social media pages should be analyzed and stacked up against the goals and rules of the new content marketing campaign, this is the only way to determine its value. This you can do by yourself or some new intern in your company, but if you want to do a good job, it is recommended to work with a professional agency.
    4. Developing Marketing Tactics – newly developed marketing tactics should be centered around things that are useful for local residents.
    5. Creating Content Calendar– this step is important since the content calendar establishes deadlines for creating and publishing content.
    6. Creating, Launching, and Promoting New Content – The most important step that deals with the content itself. For content promotion, marketers use many different social network websites and marketing platforms like Facebook Ads, Google AdWords, etc.
    7. Measuring and Reporting Content’s Performance – Analyzing content’s performance enables marketers to single out successful forms of content and use them more often in the future.
    8. Refining and Repeating the Process – There’s no perfect local content marketing strategy and there’s always a place for future refinements.

    Different Types of Content

    The most basic division of web content would be the one that separates it into text, video, audio, and graphic content group. Successful marketing strategies use all four kinds of content in their marketing campaigns, but depending on the company’s niche one of these kinds can be used more frequently than the other three.

    Text

    Articles are the most common type of content created for content marketing purposes. Since most readers spend less than one minute on any webpage, they need to have catchy headlines and overviews that will make viewers search for more detail about the subject.

    Writers should break their articles into several small sections that should have their own headers and subheaders that need to be SEO optimized. Creating back-links to articles on websites and blogs that accept guest posts is a great way to popularize them and grow the company’s website traffic.

    Video

    With an increase in internet speed, video content became an increasingly popular form for content marketing campaigns. Good video content needs to be relevant to the subject, fun and it should contain a call to action in both visual and audio manner.

    Photos, Sketches, and Infographics

    This graphic content can be very useful for local businesses. When it comes to photos literally any scene from the working process can become a Kodak moment and can be turned into good content. For restaurants, a photo of a delicious-looking meal can be great for promotion, and a useful infographic that explains some bureaucratic procedures can be very valuable for a local law firm.

    Audio

    Due to the increasing popularity of video content audio recordings have been neglected in many content marketing campaigns. This type of content is very useful for local businesses and depending on the company that’s being promoted it should be made for creative or explanatory purposes.

    The important thing for all audio content is that it should be consistent with company values while being unique and original at the same time. It should also leave a memorable imprint on its listeners no matter what kind of audio content we’re talking about (songs, Instructables, speeches, etc).

     

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    ZESA Promises Minimal Load Shedding During Festive Season

    ZESA Power Cuts Are Back After Hwange Power Station Breaks Down

    ZESA Promises Minimal Load Shedding During Festive Season

    ZESA Promises Minimal Load Shedding During Festive Season
    ZESA Promises Minimal Load Shedding During Festive Season

     

    National power utility, the Zimbabwe Electricity Supply Authority (ZESA), has promised that there will be minimal load shedding during the festive season. The good news comes barely 24 hours after the power utility announced that load shedding will be intensifying following the shutting down of 3 units at the Kariba Power Station for maintenance.

    ZESA went on to say that rehabilitation works have been shelved to January 05, 2022, to ensure minimal disruption to the power supply during the festive season. In a statement, ZESA said,

     

    UPDATE ON THE RESTORATION OF POWER SUPPLY

    ZESA Holdings would like to advise its valued customers countrywide that the three units that were taken out of service at Kariba South Hydro Power station to facilitate urgent dam wall rehabilitation works have since been returned to service.

    The return to service of the units has restored 450MW of power supply to the national grid, thus significantly reducing the power supply gap that had increased load shedding. Furthermore, we wish to advise all stakeholders that the rehabilitation works have been temporarily shelved until January 05 2022 in order to minimize load shedding during the festive season.

    Consumers are urged to use available power sparingly to minimize the effects of shedding. The inconvenience caused is sincerely regretted.

    Stakeholder Relations (15/12/2021)

     

    ZESA Promises Minimal Load Shedding During Festive Season
    ZESA Promises Minimal Load Shedding During Festive Season

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    Zimbabwe Central Bank Governor Claims People Were Creating Own Money Using Blockchain

    Zimbabwe Central Bank Governor Claims People Were Creating Own Money Using Blockchain

    Zimbabwe Central Bank Governor Claims People Were Creating Own Money Using Blockchain

     

     

    Zimbabwe’s central bank governor Dr John Panonetsa Mangudya, has incredibly claimed that Zimbabwean citizens were using the blockchain to create their own money.

    Mangudya, who also declared that he does not believe “in these bitcoins,” made the astonishing claims during an interview with publisher Trevor Noah on his program In Conversation With Trevor.

    The central bank governor claimed that Zimbabweans used the blockchain to create their own money through the mobile money network. Speaking to Trevor Ncube, Mangudya said, 

     

    Bitcoins or blockchain, like you said it. You see, it reminds some of what happened to mobile banking transactions in Zimbabwe. Whereby some people were just creating money from blockchain and creating money supply in the economy.

    Last year, the Reserve Bank of Zimbabwe accused the country’s biggest mobile money company EcoCash of running an elaborate Ponzi scheme. The central bank alleged that EcoCash was devaluing the Zimbabwe Dollar by accelerating the black market exchange rate.

    In court papers filed at the High Court, Mangudya claimed that EcoCash was creating fictitious money used to buy foreign currency and inflate the exchange rate. He further alleged that the mobile money company had agents who had massive illegal overdrafts on their Ecocash accounts, which was well in excess of ZWL$39 million.

    Mangudya also said that the central bank authorities do not believe in bitcoin and cryptocurrencies. He added that the fiscal authorities were only interested in digital currencies issued, controlled and regulated by the central bank.   Speaking on cryptocurrencies, Mangudya said, 

     

    Zimbabwe Central Bank Governor Claims People Were Creating Own Money Using Blockchain
    Zimbabwe Central Bank Governor Claims People Were Creating Own Money Using Blockchain

     

    As a central bank, we don’t believe in cryptocurrencies, we don’t believe in these bitcoins. We believe in central bank digital currencies.

    The governor added,

     

    For now, our prayer is that we work on a central bank digital currency before we go this other route of cryptocurrencies. 

     

    According to TechZim, the difference between cryptocurrencies and central bank digital currencies is as follows:

    Both are ‘digital currencies’, but the main difference is that CBDCs are issued by a central authority which retains the power to issue as many such digital currencies as it wants. In comparison, cryptocurrencies like bitcoin do not have a central authority with unfettered power to issue coin. 

    The other difference is that cryptocurrencies utilise blockchain technology which central bank digital currencies could use but are free not to. One of the leaders in CBDCs is China which has a digital yuan in testing and it does not utilise blockchain technology at this moment. They are considering the distributed ledger but cite its scalability and performance limitations today.


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    Govt Moves To Protect Civil Servants, Orders Banks To Pay Bonuses In USD Without High Bank Charges

    USGovt fails to pay $75 COVID-19 Allowance- iHarare

    Govt Moves To Protect Civil Servants, Orders Banks To Pay Bonuses In USD Without High Bank Charges

    USGovt fails to pay $75 COVID-19 Allowance- iHarare
    Finance Minister Mthuli Ncube

     

     

    The government has moved to protect civil servants’ bonuses from the banks, with Finance Minister Mthuli Ncube directing all banks and financial institutions to pay the bonuses in USD. The Finance Minister also ordered the banks to waive the bank charges on the civil servants’ bonuses.

    The government’s move comes after reports that some financial institutions liquidated the USD bonuses without permission and gave the workers local currency instead. Some banks were also accused of introducing high bank charges to chow the civil servants’ USD bonuses.

     

    Govt Moves To Protect Civil Servants, Orders Banks To Pay Bonuses In USD Without High Bank Charges
    Govt Moves To Protect Civil Servants, Orders Banks To Pay Bonuses In USD Without High Bank Charges

     

     

    Below is the Finance Minister’s statement directing all banks and financial institutions to pay the bonuses in foreign currency.

     

    PAYMENT OF CIVIL SERVANTS BONUS IN FOREIGN CURRENCY

    1. For the better part of the year 2021, government has been seized with various initiatives to continue to stabilize the economy, contain inflationary pressures, and therefore restore the purchasing power of the local currency, with the primary goal being to increase the domestic and external competitiveness of the economy, save and preserve jobs and livelihoods and limit damage to the economy particularly in the face of the Covid-19 pandemic.

    2. Macro fiscal stabilization has been achieved largely through fiscal consolidation and the resultant attainment of both fiscal balance and stabilization of the current account.

    3. Government is grateful for. and fully recognises the sacrifice and co-operation of all Zimbabweans in the effort to stabilise the economy, which is now on a firm foundation for growth.

    4. To further consolidate gains made in reducing inflation from a peak rate of 875% in July 2020 to less than 55% currently, recognising the cyclical nature of annual price hikes whenever we approach the payment dates for Civil servants’ bonuses, the Government of Zimbabwe decided to pay the 2021 bonuses for all civil servants in foreign currency.

    5. As of 30 November 2021, bonus payments in foreign currency have been effected for all civil servants and pensioners through their banks.

    6. However, it has come to the attention of the Treasury that some banks are compulsorily liquidating civil servants bonus payments and thereby forcibly paying them in domestic currency.

    7. In addition, banks have resorted to making arbitrary charges against the bonus payments with some taking significant portions of the wages in the form of bank charges.

    8. Both above practices take away the intended benefits of the Bonus payments and we, therefore, wish to advise as follows: –

    a. All civil servants should be allowed to withdraw their bonus payments in full in United States Dollars, subject only to existing daily cash withdrawal limits set by the Reserve Bank of Zimbabwe.

    b. Such bonus payment amounts are to be made in full without deduction or levy.

    c. government and banks will agree a structure for bank charges for these specific amounts which charges must be kept to a minimum.

    9. In this regard, government is appealing to the banks for their usual support and cooperation in ensuring that the payment of Civil Servants bonuses is implemented smoothly.


     

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    Mthuli Ncube US$50 Cellphone Tax: Parliamentarians Reject Proposal

    Mthuli Ncube Introduces Currency Stabilisation Task Force

    Mthuli Ncube US$50 Cellphone Tax: Parliamentarians Reject Proposal

    Mthuli Ncube US$50 Cellphone Tax: Parliamentarians Reject Proposal

     

    Parliamentarians have rejected Minister of Finance and Economic Development Mthuli Ncube’s proposal to introduce a US$50 tax on imported cellphones. The minister announced the US$50 levy as part of the government’s revenue-enhancing measures during last week 2022 National Budget presentation.

    According to the Finance Minister, he introduced the “Levy on New Cellular Telephone Handsets” to curb tax evasion. Ncube said the measure is necessary, arguing that there is rampant evasion of customs duty because mobile phones are easy to conceal and smuggle.

    Imported mobile phones are supposed to pay a customs duty of 25 percent. The Finance Minister proposed that in future, the US$50 levy will be collected before registration of new cellular handsets by Mobile Network Providers. The minister said that the US$50 is refundable on the condition that the owner of the mobile phone can provide proof that they paid the requisite customs duty for the device. The Zimbabwe Revenue Authority will process the refund within 30 days of receiving the receipt from the mobile network operator.

    However, MPs have pushed back against Mthuli’s proposal saying it is retrogressive given that the government is trying to promote e-learning and a digital economy. Some parliamentarians also insisted that they rejected the US$50 tax during the pre-budget consultation and were surprised to hear the Finance Minister announcing it.

     

     

    Mthuli Ncube US$50 Cellphone Tax: Parliamentarians Reject Proposal
    Mthuli Ncube US$50 Cellphone Tax: Parliamentarians Reject Proposal

     

     

    Speaking during a post-budget seminar on Tuesday, Senator Chief Fortune Charumbira said,

    “We rejected the proposal, and I am surprised that he included it in the budget. What does it mean to the adoption of e-learning?”

    According to the Herald, Senate deputy president Lieutenant-General (Retired) Mike Nyambuya also said that other countries are reducing taxes on ICT gadgets.

     

    “The Levy of US$50 on cell phone handsets to be collected will discourage the use ICTs, especially in a time when we want to speed up e-learning in remote areas. I, therefore, call upon the Minister of Finance and Economic Development to review the levy proposal on cell phones. Other countries are actually zero-rating these gadgets to support usage in line with the digital revolution so that ‘no one is left behind,” he said.

    Outspoken Norton legislator also urged parliament not to pass Mthuli Ncube’s budget, arguing that it is unrealistic.

     


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    5 advantages of depending upon the utilization of SIP calculator

    5 advantages of depending upon the utilization of SIP calculator

    If the individuals are interested to depend upon the right kind of investments in their life then saving regularly to reap very high returns is very much advisable. One such great option is to invest in a systematic investment plan because this will help in providing the people with an opportunity of indulging in investments in a very safe and controlled manner. Everything will be carefully invested by the market experts which will help in providing people with multiple advantages in the long run.

     

     Following are some of the most important advantages of depending upon the implementation of SIP calculator:

     

    1. The utilisation of the SIP calculator will help in providing the people with very accurate results in the long run which will further make sure that everybody will be on the right track of taking the calculated risks. The utilisation of this particular concept is very easy and people simply need to enter the details like monthly amount, tenure and the expected rate of return in the whole process so that accuracy can be insured at every step.
    2. The utilisation of this particular calculator will help in providing the people with a good command over the entire formula which will help in eliminating the need of manually undertaking anything and will further make sure that there will be no chance of any kind of mistake in the whole process.
    3. The utilisation of the SIP calculator is a very good idea because it will help in providing the people with very fast results along with a very high level of accuracy which will further make sure that everything will be carried out very professionally on the whole process. This particular tool will help in providing the people with a clear-cut idea about the maturity amount along with the rate of return in the whole process so that there will be no issue at any point in time. Further depending upon the right kind of tools in this particular industry will help in providing the people to decide the amount which they want to invest every month to achieve their goals.
    4. This particular concept is the best possible way of Investing in a better way so that people can very efficiently forecast their investment plans and can have access to the different kinds of outcomes very successfully without any kind of problem. Ultimately this will help in providing the people with clear-cut advantages of checking out the tenure of the investment so that most profitable returns are very well made by the people without any kind of hassle.
    5. This particular concept is very much capable of ensuring that highly informed selection of the SIP will be perfectly carried out by the people by proper comparison of the results without any kind of hassle. In this particular manner, everybody will be able to perform very well and reap very high profits in the long run.

     

     So, depending upon the utilisation of the SIP calculator is the best possible way of ensuring that people can indulge in the best possible decision at every step. Further, depending upon companies like 5paisa is the wisest decision which people can make in this industry.

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    How Can an Accident Attorney Help After an Accident?

    Lawyer Bashed Over US$2 Shebeen Pool Bet Highest Paying Legal Jobs

    How Can an Accident Attorney Help After an Accident?

    Dealing with the aftermath of a serious car accident can be frightening and stressful for injured victims. With so many things to consider and a lot of paperwork to file, injured victims often feel overwhelmed by the process. Although getting help from an attorney is not required, many injured victims make the wise decision to hire an attorney to help them pursue compensation after an accident. With this guide, individuals will learn more about how an attorney can assist them after a serious car accident that was not their fault. 

    Financial Compensation Is the Main Goal

    Hiring an attorney helps injured victims receive the fair compensation they are owed. Learning how an accident attorney can help injured victims pursue compensation is important. When someone is injured in a serious car accident, they may receive compensation for the following. 

    • Past and present medical bills that occur because of the crash
    • Vehicle repair or replacement
    • Lost wages
    • Pain and suffering

    A car accident attorney will go through all the necessary steps to help an injured victim pursue compensation. These attorneys become advocates for the injured client. Injured individuals need to be aware of the ways an attorney can help them so they will be prepared to seek legal help right away. 

    How Does an Attorney Help a Car Accident Victim?

    Being aware of the ways an attorney can help a car crash victim will prepare the victim for the fight that lies ahead of them. The following are some of the many ways these attorneys help their injured clients seek the compensation they are owed. 

    1. Helps the Victim Understand Their Rights

    One of the important ways an attorney helps their clients is by giving them a better understanding of their rights as car crash victims. Since most victims are not knowledgeable of their rights, the lawyer helps them gain a better understanding of the process before they begin pursuing compensation. 

    1. Offers Legal Advice

    Getting sound legal advice is essential for ensuring the victim makes the right decisions. After an accident, an injured victim may receive a lot of unwarranted and unhelpful advice. Getting the right guidance will assist individuals in making the right choice for their needs. 

    1. Negotiates Fair Settlements

    It takes a lot of work to pursue a car accident claim. There are many steps involved, including the negotiation process. The attorney will investigate the crash and begin to gather evidence. They will also help draw up the claim for the at-fault driver’s insurance company. 

    The attorney will begin negotiating the claim immediately. They will work to ensure a fair settlement is offered. If the attorney cannot get the insurance company to agree to a fair settlement, they will draw up the paperwork to file a lawsuit with the court. 

    1. Represents the Victim in Court

    If the case ends up going to court, the injured victim will need an attorney representing them in the process. Having legal representation is essential for ensuring the case is presented correctly. Throughout the entire court process, the injured victim will have their attorney speaking for them and taking care of the steps involved in presenting the case before the judge and possible jury. 

    Schedule a Consultation Appointment

    Scheduling a consultation appointment will allow individuals to get started on the process of receiving fair compensation. While many accident claims are settled outside of court, a lawsuit may prove necessary. No matter the direction of the case, the attorney will be there for their client every step of the way. 

    For marriage, family, love, job/promotion. Goodluck in your business/lottery, court cases, diseases and other Spells kindly call Kiwanga Doctors on +254 769404965 or >>>> CLICK HERE.

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    Govt Introduces Zim Dollar Fuel For Select Few, The Rest To Buy USD Fuel

    Buying Fuel In Containers

    Govt Introduces Zim Dollar Fuel For Select Few, The Rest To Buy USD Fuel

    Govt Introduces Zim Dollar Fuel For Select Few, The Rest To Buy USD Fuel
    (File Photo)

     

     

    The government has introduced a program which allows locals in select few sectors to purchase fuel using the local Zim Dollar currency. The program is only open to those in a number of designated sectors. The rest of the consumers will have to purchase the fuel using United States Dollars.

    The new program was announced by the Zimbabwe Energy Authority (ZERA). Below is the full statement from ZERA which iHarare is publishing in its entirety.

     

    ROLL-OUT OF LOCAL CURRENCY (ZWL) FUEL INTO THE MARKET

    The government intends to roll out a programme for the supply of local currency (ZWL) fuel into the market for the benefit of the following consumer categories: agriculture value chain, public transport, Government Ministries and agencies, Government projects, the motoring public and emergency services.

    The rest of the fuel consumers will continue to be served by oil companies utilising their own resources/free funds and selling the same fuel in foreign currency.

    The local currency fuel, which will be distributed through National Oil Infrastructure Company (NOIC), will be accessed by oil companies who meet the following conditions:

    • The company must be a holder of a valid ZERA licence.
    • In the case of a procurement licensee, the company must have at least three retail sites.
    • The company must not have been previously charged/blacklisted for any violation of the law.

     

    Govt Introduces Zim Dollar Fuel For Select Few, The Rest To Buy USD Fuel
    Govt Introduces Zim Dollar Fuel For Select Few, The Rest To Buy USD Fuel

     

     

    The operating conditions for the companies involved in the local currency fuel are the following:

    •  Participating retail outlets should have the National Fuel Management System installed.
    • Designated retail sites should sell fuel in ZWL only. Co-mingling of products at a site is strictly forbidden.
    •  At least 70% of the allocated fuel must be sold through the designated retail network and 30% to commercial (non-exporting) customers.
    •  Participating oil companies to submit weekly returns to ZERA.
    •  Companies to designate retail sites and advertise to the public the sites selling fuel in ZWL in both print and electronic media.
    •  Each participating oil company shall designate one retail site in a provincial capital for dispensing ZWL fuel. • No containers to be filled at sites selling ZWL fuel.
    •  Participating companies to be denied further fuel uplifts from NOIC depots before reconciling the previous allocation.
    •  Participating companies to avail ZWL fuel documentation to ZERA upon request.
    •  Hefty civil penalties to be applied for failure to account for proper application of ZWL fuel.

    Interested companies are requested to submit the list of sites to be designated for the local currency fuel programme to ZERA using the following email addresses — licensing@azera.co.zw by 1 pm on Monday, 1 November 2021.


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