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RBZ scrap away compulsory liquidation of unused export proceeds




RBZ scrap away compulsory liquidation of unused export proceeds. RBZ governor, John Mangudya, said the bank’s monetary policy committee had agreed “to remove the compulsory requirement to liquidate all unutilised export proceedings after 60 days, with immediate effect”.

The Reserve Bank of Zimbabwe (RBZ) on Friday reversed a decision to force exporters to sell a large portion of their dollar earnings if they were not used after 60 days.

Mangudya also said exporters would now have to sell 40% of their earnings to the central bank-run foreign currency auction. Previously, exporters were obliged to sell 30% but could only keep the rest for 60 days before having to auction it.

Mining companies, which generate the most foreign currency, have been lobbying the government to let them keep their money saying this would encourage more investment.  The government argues that it needs foreign currency to buy fuel, medicines and food which are all scarce in the country.

Zimbabwe has a huge scarcity of foreign currency, a situation that worsened shortages of fuel, power and medicines in the Southern African nation. Critics blame the crisis on financial mismanagement and corruption by the government of President Emmerson Mnangagwa.

The government, however, attributes the challenges facing the country to droughts and “sanctions imposed by Western countries” at the turn of the millennium following the chaotic land reform programme.

Source – Pindula News

In other news – $6000 fine for man who attempted to bribe Beitbridge immigration officer

$6000 fine for man who attempted to bribe Beitbridge immigration officer. Frank Munhukwaye (67) of Highfield, who is employed as a driver at Elliot and Shepard Pvt (Ltd), was arrested on Friday after alert immigration officials uncovered his ruse. He appeared yesterday before magistrate Miss Eunice Chimweta facing charges of contravening the Criminal Law (Reform and Codification) Act.

Beitbridge Border Post

A man from Harare has been slapped with a $6000 fine after attempting to force Beitbridge Border Post immigration officials to allow…Learn More.




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