RBZ to swoop on fuel traders
THE Reserve Bank of Zimbabwe (RBZ) will soon swoop on fuel dealers who reject coupons.
The apex bank has accused the dealers of sabotaging the economy, as well as causing artificial commodity shortages.
RBZ Deputy Governor Dr Kupukile Mlambo, while officiating at the Institute of Administration and Commerce annual conference here yesterday, said fuel dealers had no justification to reject coupons because they were already paid for.
Dr Mlambo said fuel dealers did not bring any foreign currency to the economy, but consumed the biggest chuck of reserves provided by Government.
Of late, the country experienced an artificial shortage of basic commodities and price hikes by some dealers as panic gripped the citizens who resorted to impulse panic buying.
“There were enough stocks of fuel and cooking oil, but the problem is that dealers could not cope with demand due to panic buying,” said Dr Mlambo. “If there was no panic buying, we wouldn’t have shortages. As for fuel, we have increased allocation from $2 million to $10 million, but they complained about timeliness. I am disappointed that a lot of them are demanding cash even if motorists are carrying coupons.”
Dr Mlambo said the Central Bank would descend on those rejecting the facility because Government would have paid for the coupons to the same dealers.
“The country has a shortage of foreign currency,” he said. “The challenge is that fuel dealers who consume much of foreign currency don’t bring any. They must honour that coupon because they have taken your money. We are against it and we will descend on them.”
Dr Mlambo did not specify the kind of action RBZ will take against the fuel dealers or the timelines when the measures will be taken.
In Victoria Falls, illegal fuel dealers who smuggle the commodity from Botswana are taking advantage and now selling five litres for between $7 and $10 up from $6 as official supplies have dwindled.
While some people resorted to panic buying and hoarding of goods, with dealers hiking prices, Dr Mlambo said cooking oil manufacturers assured that they had enough stock.
He said Government relaxed a moratorium on importation of soya beans to address shortages.
Dr Mlambo castigated people deliberately causing panic through social media.
He said the country needed to deal with panic and black market which thrived out of speculation.
“Our biggest challenge is social media which causes unnecessary speculation,” said Dr Mlambo. “We need to deal with panic as some of it is unfair and creates headaches that are not there.”
Dr Mlambo said the country needed to address foreign currency shortages for it to deal with the black market, which he said was thriving at places such as Eastgate Mall and Roadport in Harare, as well as Tredgold Building in Bulawayo.