RBZ To Publish Weekly Forex Allocations To Fuel Companies

The RBZ has issued a statement sating on a weekly basis they will be publishing the weekly fuel allocation t fuel companies. Fuel finance facility for this week shows that Trafigura got 3 times the second company’s allocation as shown in the statement below

PRESS STATEMENT

For the information and benefit of the public, the Reserve Bank of Zimbabwe (the Bank) is pleased to advise that it shall henceforth be publishing, on a weekly basis, the status of the fuel finance facilities available to the Oil Marketing Compan. (OM.) for the procurement of fuel for sale to the public in local currency.

For the month of March 2020, the fuel finance facilities being administered by local banks with support of the Bank amount to US$120 million. Of this amount, US$18.47 million worth of Letters of Credit have been confirmed for Immediate drawing of fuel by OM. from NOIC depot In Msasa, Harare as follows:

In addition, fuel being procured using free funds under the Direct Fuel Import (DE) Facility, In line with Statutory Instrument 212 of 2019, will go a long way in augmenting the availability of fuel in the country. To ensure that the [NI Facility Is not abused, the Zimbabwe Energy Regulating Authority (ZERA) and the Bank’s Exchange Control Division are finalising the establishment of a robust system to monitor all fuel filling stations designated by ZERA to sell fuel under the DFI Facility.
JP MANGUDYA GOVERNOR

3 MARCH 2020

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Source: Twitter