RBZ Now Says ALL FUEL Can Be Sold In United States Dollars Despite Banning Foreign Currency

RBZ Now Says ALL FUEL Can Be Sold In United States Dollars

RBZ Now Says ALL FUEL Can Be Sold In United States Dollars

 RBZ Now Says ALL FUEL Can Be Sold In United States Dollars
RBZ Now Says ALL FUEL Can Be Sold In United States Dollars

 

The Reserve Bank of Zimbabwe (RBZ) has now said that all fuel can now be sold in United States Dollars. The apparent reversal in policy by the central bank comes a few days after Zuva Petroleum announced that it had established some service stations which are now trading solely in United States Dollars. The announcement caused outrage as many questioned why a few selected service stations which are allegedly owned by top government officials are being allowed to trade in foreign currency, yet the government is insisting that transacting in foreign currency is illegal.

RBZ governor John Mangudya appears to have eaten humble pie and backtracked.  Mangudya has since instructed the Zimbabwe Energy Regulatory Authority (ZERA) to register all fuel service stations that have their own sources of foreign currency to import and sell the fuel in USD.

Governor Mangudya is quoted by the weekly publication, The Business Weekly as saying,

“We are now waiting for ZERA to ensure that they register or designate those service stations that will be selling in foreign currency so that there will be efficiency in terms of transparency, monitoring and books.

“The oil marketing companies are going to apply to ZERA so that they will be registered to sell to people with free funds. Just like the passports, if you have the money (US dollars) you can pay to get your passport.

“We are saying that if people have the money, let’s bring the money and circulate it through fuel imports, there is no abuse there,”

However, even before the governor’s latest directive, some unlicenced service stations were already selling fuel in foreign currency. It’s currently trading in the range between US$1,25 per litre and US$1,50 at the majority of these service stations. However, on the fuel black market, fuel is going for an average price of US$2 per litre.

Zimbabwe is battling a severe shortage of fuel which has plagued the country for the better part of the last three years. It is hoped that the latest move will ease the fuel shortages.

However, some have raised questions at why the government is allowing certain sectors of the economy to trade in foreign currency while the same government insists that all other sectors should use only the local Zimbabwe Dollar


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