RBZ to fund procurement of essential commodities

by Gift Mashoko

Reserve Bank of Zimbabwe has assured the nation that the economy will stabilise as the central bank will soon avail foreign currency to procure essential commodities.

In a Press Statement, the RBZ said, “The reserve Bank of Zimbabwe wishes to advise members of the public that it has started drawing down foreign currency from the US$500million lines of credit advised in the Monetary Policy Statement issued by the Bank last week.

“As advised, the purpose of the facilities is to fund the procurement of essential commodities including fuel, electricity, wheat and raw materials for the manufacturing of cooking oil, packaging and other basic commodities.”

The RBZ announced that it has released money for the procurement of fuel which is currently being supplied to various filling stations.

“The bank released US$41million 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,” read the statement.

RBZ Governor Dr John Mangudya assured the nation that there was sufficient fuel in the country and urged them to desist from panic buying. He also showed concern over the rise of prices of certain goods.

“In view of these positive developments, the bank would like to assure the public that there is sufficient fuel available in the country and therefore there is no need for panic-buying of fuel and other essential commodities.”

“The bank has noted, with great concern, that increase of prices of certain goods has followed the spike in foreign currency parallel market rates which is being caused by some people bent on cheating members of the public of their hard earned income,” read the statement.

Dr Mangudya highlighted how opportunists are manipulating foreign currency parallel market rates to cause despondency in the economy.

“The opportunists are manipulating foreign currency parallel market rates to cause unnecessary panic and despondency and destabilisation of the economy. Such counterproductive behaviour is unwarranted and should be condemned by all peace loving Zimbabweans.

“The Bank would like to reassure the public that the multi-currency system will remain in use and the Bank shall continue to secure lines of credit to supplement the country’s foreign currency earnings, mainly from exports and diaspora remittances, in order to support the entire economy,” he said.