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Zimbabwe on Wednesday announced a 150 per cent rise in the price of fuel following the launch of a forex auction system which eroded the value of the local currency.
The price of a litre of diesel jumped 152 per cent to ZW$62.77 ($1.12) from ZW$24.93 while petrol shot up 147 per cent to ZW$71.62, the country’s Energy Regulatory Authority said in a notice.
The central bank re-introduced forex auctioning on Tuesday, the first in 16 years after a long battle to stabilise its currency and fight hyperinflation.
The auction saw the local currency losing more than half of its value from 1:25 to 1:57 to the greenback by the end of trading. 📎 The key is : Learn how to BE HAPPY BY YOURSELF FIRST. Because a human being that is happy on his/her own will never settle to be miserable with someone else. When you find happiness on your own then you will be able to spread it and share it with someone else. ... CRITIC ALSO 🖋️ spill TEA ☕ Easy on Shade 💣
The price of a litre of diesel jumped 152 per cent to ZW$62.77 ($1.12) from ZW$24.93 while petrol shot up 147 per cent to ZW$71.62, the country’s Energy Regulatory Authority said in a notice.
The central bank re-introduced forex auctioning on Tuesday, the first in 16 years after a long battle to stabilise its currency and fight hyperinflation.
The auction saw the local currency losing more than half of its value from 1:25 to 1:57 to the greenback by the end of trading. 📎 The key is : Learn how to BE HAPPY BY YOURSELF FIRST. Because a human being that is happy on his/her own will never settle to be miserable with someone else. When you find happiness on your own then you will be able to spread it and share it with someone else. ... CRITIC ALSO 🖋️ spill TEA ☕ Easy on Shade 💣
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