We Have Secured Enough Forex to Avert Fuel Crisis: Mangudya

The Reserve Bank Governor, Dr John Mangudya has assured Zimbabweans that his office has secured enough foreign currency to avert a potential cooking oil and fuel crisis in the country.

Addressing stakeholders at the Confederation of Zimbabwe Industries (CZI) breakfast meeting in the capital on Wednesday, Mangudya said the central bank has through Zimbabwe Energy Regulatory Authority (ZERA) and Ministry of Energy and Power Development has waived a ban on transportation and filling of of fuel tanks at night to avert any potential shortages on the market.

“We have assured the producers of cooking oil that there is sufficient foreign currency for them to produce what is required by the economy so it will be there soon and we have also arranged letters of credit so that there will be enough cooking oil and fuel in this economy.

“Now the government has opened up through ZERA and Ministry of Energy that fuel tanks are now allowed to be filled during the night such that there will be sufficient fuel supply, long back they used to say the tanks will only be filled from 6 am to 6 pm and now it has changed,” said Mangudya.

Mangudya distanced his office from cash hoarding and selling deals, accusing retail operators and big wigs in government and business of trading cash on the parallel market.

“The Reserve bank does not participate in the selling and buying of money, all the money from us goes through the normal banking system.

“What you need to know is that there are some culprits like retailers, when they find cash at the end of the day, they don’t bank it but they give the money to the sellers then you hear them calling Mangudya l have the money so can l send it via RTGS to your account? So where are we going, that mindset shows that “vanhu ivavo havana kukwana” and action will be soon taken.

“There are also some bigger brothers behind those selling cash in the streets and it hurts us as the Central Bank seeing queues at banks while cash is circulating in the streets and we are trying to see who are they, but we are getting there because we don’t want to see Zimbabweans suffering,” said Mangudya.

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