Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said shortages of fuel being witnessed in the country are driven by increased demand due to the growing economy.
He however said the fuel situation in Zimbabwe will improve before end of this month. Said Mangudya:
The demand for fuel in Zimbabwe has increased because the economy has been expanding. So, an expanding economy requires more fuel. Let us look at the other side of the story, the other side of the story is that the economy has been expanding and that is why the demand (for fuel) has been going up. We used to spend about US$60 million or so per month to US$80 million per month, but now we are on US$90 million to US$100 million per month. So, where is all this fuel going to? The fuel is going into the economy, and this economy is expanding
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe
John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya