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Zimbabwe’s Central Bank Releases $41M To Ease Fuel Shortages

The Reserve Bank of Zimbabwe has started drawing down from the 500 million U.S. dollar lines of credit it recently secured to support the procurement of essential commodities, with the first disbursement of 41 million U.S. dollars being released for fuel procurement.

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A statement from the central bank on Monday said that the money to procure fuel was released Friday.

The country has been experiencing erratic fuel supplies for several weeks, with motorists enduring long queues at filling stations.

“The bank released 41 million dollar 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,” the bank said.

It reassured the public that there was sufficient fuel in the country and there was, therefore, no need for panic buying of fuel and other basic commodities.

Relevant essential commodities include fuel, electricity, wheat and raw materials for the manufacturing of cooking oil.

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Written by PH

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