RBZ speaks on ZiG fuel pricing




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RESERVE Bank of Zimbabwe (RBZ) governor John Mushayavanhu yesterday said the apex bank was still consulting on the possibility of fuel being sold in the Zimbabwe Gold (ZiG) currency.

Stakeholders have been calling on authorities to ensure fuel and other services are paid for in ZiG to boost confidence in the new currency.

Mushayavanhu yesterday appeared before the Joint Portfolio Committee on Budget, Finance and Investment Promotion, and Industry and Commerce to respond to issues raised by stakeholders on his 2024 Monetary Policy Statement.

“We are still negotiating and making considerations on how best we can allow the selling of fuel in ZiG,” Mushayavanhu said.

“We start on taxes to be paid in ZiG, and include other commodities and people are going to be advised.

“We need to do our work gradually and we are going to reach that situation where[by] fuel is going to be sold in ZiG.”

Mushayavanhu also ruled out relentless printing of money.

“We are not printing money without reserves,” he said.

Mushayavanhu also warned businesses that are rejecting ZiG as a form of payment.

Authorities have said the ZiG is backed by gold and foreign currency reserves as well as a basket of precious minerals.

ZiG replaced the Zimdollar which was introduced in 2019 after a decade of dollarisation. The Zimdollar had become worthless, having been decimated by inflation. – News Day