Plans to sell fuel in ZiG underway: Governor

Reserve Bank of Zimbabwe governor John Mushayavanhu is negotiating with stakeholders onthe possibility of selling fuel in the newly introduced currency ZiG.

There have been numerous calls to allow most transactions to be carried out in the local currency to instill confidence in it.

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

“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 the uncontrolled printing of money.

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

He also warned businesses rejecting payments in ZiG currency and threatened to unleash the law.

ZiG is backed by gold and other precious minerals and physical notes are set to be released after 30 April.