Exporters slam forex retention policy

According to the Reserve Bank of Zimbabwe (RBZ), the new regulations are meant to strengthen the use of local currency in the economy at the same time building the country’s foreign exchange reserves in its vaults.

EXPORTING companies say the five-percentage point increase in foreign currency surrender threshold to 30 percent by the government last month has put a heavy discount on operations and they want it reduced to improve competitiveness.Advertisements The new measures dictate that exporting companies will now retain 70 percent of their foreign currency proceeds with the remainder settled…

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