Tuesday, 22 November 2016


THE Reserve Bank of Zimbabwe has said that fuel companies remain on top of the import priority list and are being allocated foreign exchange on a weekly basis to enable them to meet their requirements.  

In a statement issued last night, the RBZ allayed fears over messages circulating on social media of an alleged imminent shortage of fuel saying there would be no shortages of fuel. The social media message calls on consumers to fill up their cars as the country’s service stations will run dry in the next two to three weeks.

“If you have jerry cans, go and fill them up and your cars. Fuel companies had a major meeting with the RBZ on Friday and no solution was met (sic) so fuel will run out this week or early next week and then it will be dry for about 2-3 weeks till plans are made”

However, RBZ said such reports were unfounded and meant to cause unnecessary panic.  “It has come to the attention of the Reserve Bank of Zimbabwe that there are some social media stories peddling about fuel shortage in the country.
“There was no meeting held between fuel suppliers and the Reserve Bank on Friday last week. Fuel companies are being allocated foreign exchange on weekly basis to meet their monthly requirement of around $50 million,” said the RBZ.  Fuel along with electricity and raw materials for the manufacturing sector are in the top priority list on the utilisation of foreign currency.

“The RBZ and banks continue to put priority on foreign exchange utilisation to the importation of fuel, electricity and raw materials for the manufacture of basic commodities. This is why it is very critical to incentivise exporters of goods and services in order to earn more foreign exchange for the above critical imports”

The RBZ has introduced a 5 percent export incentive scheme to encourage exporters to produce more. The scheme which will be supported by a $200 million facility will be distributed through bond notes. According to Governor Dr John Mangudya, the bond notes, which will trade at par with the US dollar, are set to be released to the market at the end of this month.

The central bank urged consumers to treat such social media reports with the contempt they deserve as this is not the first time it has happened. Herald


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