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Controversy over Zimbabwe's fuel crisis heightened this week when it was reported that the finance ministry is investigating allegations that the d National Oil Company of Zimbabwe (NOCZIM) had illegally borrowed foreign currency at black market prices, the 'Financial Gazette' reported on Thursday.
It said a meeting of financial institutions, government departments and security agencies was told that a consortium of unnamed local financial institutions had lent foreign currency to NOCZIM above the controlled market exchange rate. Since September NOCZIM it said bought currency at $45 Zimbabwe dollars to the United States dollar rather than at the official
rate of 38 Zimbabwe dollars.
"Finance Secretary Charles Kuwaza said he was not aware of the arrangement between NOCZIM and the banks but said his ministry was also investigating the circumstances surrounding the deal between the other unnamed parastatal and some local financial institutions," the paper said.
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