Chronicle Editor
Bongani Ndlovu, Online Reporter
RESERVE Bank Governor Dr John Mushayavanhu has warned fuel dealers to start selling their commodity in ZiG, as there will come a time that they will look for the currency when they need to pay tax.
Speaking on Star FM on Thursday, Dr Mushayavanhu said there is nothing stopping a fuel dealer to sell their fuel partly in ZiG and partly in any other currency.
“If the fuel dealer is not selling fuel in ZiG, they will find themselves in a situation where they are looking for ZiG, come June-July. Because they are also a tax payer and they are supposed to pay 50 percent of their tax in ZiG. So if they are not selling their product in ZiG, where are they going to get the ZiG from,” he questioned.
Dr Mushayavanhu said if fuel dealers do not start selling fuel in ZiG, come June-July the local currency may strengthen to the foreign currency and they will lose out.
“And I have to warn them that, when we get to June and July, the rate of ZiG may strengthen such that they will be actually be losing out. So, if I were a fuel dealer today, I will start selling some of my fuel in ZiG and some of my fuel in US dollars, because we are in a multi-currency arrangement,” said Dr Mushayavanhu.
WATCH HERE: https://www.youtube.com/watch?v=sAfAC0aMGKU
Online Reporter