RBZ revs up forex allocation for fuel

THE Reserve Bank of Zimbabwe (RBZ) has increased the foreign exchange allocation for fuel by more than 50% to $20 million per week to cater for increased demand and a rise in international fuel prices, governor John Mangudya (pictured) said yesterday.

The RBZ chief told NewsDay the fuel situation remained stable as “the Reserve Bank continues to provide the much needed foreign exchange resources for importation of this precious liquid”.

“The bank has increased foreign exchange allocations for fuel from $12 million to $20 million per week to cater for both the increase in demand for fuel and the increase in international prices of fuel,” Mangudya said.

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