Government clears air on selling fuel in foreign currency

Government has cleared the air on its recent announcement that independent fuel brokers can now obtain fuel individually and sell it in US dollars. This shock announcement left many people questioning whether the finance minister and the reserve bank governor had lost their marbles. Government ha snow explained that the move is part of reforms to dedollarise the economy. Mangudya said the new policy will also deal with fuel scarcity that is currently bedevilling the country. People have had to join long queues and often sleep at fuelling stations to obtain the precious liquid.

The issue had become one of national concern as stranded travellers had to make do with lack of transport services owing to the scarcity of fuel. It remains to be seen whether the new policy measure will improve the ease of doing business in the country and alleviate the shortages of fuel. Some fuel dealers were deliberately withholding fuel because it did not make business sense to sell it in bond notes after having procured it in US dollars. The new move might lead to better trading.

Most people have however accused the government of having double standards. Most people earn in local currency and having to buy goods in UA dollars becomes difficult. Firstly one has to convert the rtgs into us dollars at black market where it is steadily available, making a huge loss in the process.