Fuel queues that resurfaced in most parts of the country
over the weekend are expected to ease this week following the release of $41
million by the Reserve Bank of Zimbabwe (RBZ) last Friday towards fuel
procurement, central bank Governor Dr John Mangudya has said.
The money is part of the US$500 million line of credit
announced in the Monetary Policy Statement issued by RBZ last week to fund the
procurement of essential commodities that include fuel, electricity, wheat, raw
materials for the manufacturing of cooking oil, packaging and other basic
commodities.
“The Reserve Bank of Zimbabwe wishes to advise members of
the public that it has started drawing down foreign currency from the US$500
million lines of credit advised in the Monetary Policy Statement issued by the
bank last week,” said Dr Mangudya in a statement yesterday.
Regarding fuel, Dr Mangudya said supplies and deliveries to
filling stations were already underway.
“The bank released US$41 million for the procurement of
fuel on Friday, the 5th of October, 2018 and the fuel is currently being
supplied and delivered to the various filling stations and supply points across
the market,” he said.
In light of these developments, Dr Mangudya reiterated that
there was enough fuel in the country, hence there was no need for panic-buying
and hoarding.
“In view of these positive developments, the bank would
like to assure the public that there is sufficient fuel available in the
country and therefore there is no need for panic-buying of fuel and other
essential commodities,” he said.
He paid tribute to the National Oil Company of Zimbabwe for
ensuring that the fuel was delivered to oil marketing companies across the
country.
Dr Mangudya criticised the increase in foreign currency
parallel market rates, which he blamed on crooks cheating people of their hard
earned income. The increase in foreign currency parallel market rates has
triggered a rise in the prices of basic commodities.
“The opportunists are manipulating foreign currency
parallel market rates to cause unnecessary panic and despondency and
destabilisation of the economy. Such counterproductive behaviour is unwarranted
and should be condemned by all peace-loving Zimbabweans,” said Dr Mangudya.
Dr Mangudya insisted that the multi-currency system would
remain in place and that the RBZ would continue to secure more lines of credit
to supplement the country’s foreign currency earnings, mainly from exports and
diaspora remittances.
The past week has seen foreign currency parallel market
rates spiralling. As of yesterday, US$100 was being sold at $265 for electronic
transfers and $215 for Bond notes. These changes saw an increase in prices of
basic commodities such as cooking oil, sugar and many others.
The health sector has also responded with some medical
institutions suspending use of point of sale machines and mobile money
transfers.
Other medical service providers have increased prices for
drugs and sundries in response to the parallel market rates. Some have
suspended use of medical aid cards. Avenues Clinic in Harare is one of the
health institutions that have increased prices of drugs and sundries.
“We have made a temporary upward adjustment to stock prices
across the board and this is effective immediately, while we monitor the
situation throughout the weekend,” said the Avenues chief executive Mr
Searchmore Chaparadza.
He said the review was temporary and could be amended by Monday (today) depending on the situation
on the ground.
Trinity Pharmacy also wrote to medical aid societies that
it was no longer accepting medical aid cards, arguing that their suppliers
required foreign currency, which they could only access at parallel market
rates. Herald
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