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The Reserve Bank of Zimbabwe (RBZ) has released US$23,89 million for the purchase of fuel to be sold in local currency for the week March 16 to 22.
RBZ governor Dr John Mangudya made the announcement in a statement released on Monday. The central bank promised to make public such allocations so as to dissuade speculative hoarding of the product resulting in long queuing hours.
The release is part of the apex bank’s US$120 million target for this month, which is meant to import about 200 million litres of fuel.
Government has also welcomed the move to publicise the allocations with Energy and Power Development Minister Fortune Chasi, saying this would close information gaps between the bank, petroleum firms and the industry regulator, which some firms were abusing to create an artificial shortage. — Business Reporter.
Peter Tanyanyiwa
Online Reporter