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Economy

Enhancing foreign currency retention thresholds for exporting firms.

In Progress

RBZ yields to pressure, raises tobacco forex retention threshold to 50%

Newzwire

    

Feb. 27, 2019

Tobacco farmers will now retain 50% of their earnings, up from the 30% proposed in the February 20 monetary policy statement, after growers successfully lobbied for an increase. Last season, tobacco growers got paid US$250 per sale, with the rest of their earnings paid in electronic deposits which sharply lost value last October.

Previous Updates

RBZ increases gold retention threshold from 55% to 70%

The Chronicle

    

May 27, 2020

THE Reserve Bank of Zimbabwe (RBZ) has increased the gold retention threshold to 70 percent in foreign currency for sale proceeds from the previous 55 percent in a move aimed at boosting production in the sector. Under the new gold trading framework, it means gold producers will now receive 30 percent of their gold sale proceeds to Fidelity Printers and Refiners (FPR) in local currency. FPR is the country’s sole gold buyer and operates under the purview of the Central Bank. In a statement, FPR general manager Mr Fradreck Kunaka said the new gold trading framework was with effect from yesterday. “Gold producers shall be paid under a 70/30 payment arrangement scheme in terms of which 70 percent of the gold sale proceeds shall be paid into the producer’s Nostro account and the balance of 30 percent shall be paid in local currency at the ruling exchange rate into the producer’s ZW$ account,” he said

    

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