By ZBC Reporter
Zimbabwe has started implementing an incremental export scheme that will result in exporters retaining 100 percent of their foreign currency earnings.
An Exchange Control circular issued by the Reserve Bank of Zimbabwe revealed that all gold producers selling above the monthly average now retain 80 percent on earnings, while exporters listed on the Victoria Falls Stock Exchange and in Special Economic Zones retain 100 percent.
Chamber of Mines Chief Executive Officer Dr Isaac Kwesu and Commercial Lawyer Mr James Makiya outlined the impact of the scheme.
It is coming at the right time and I anticipate such an initiative to go a long way in addressing some of the challenges affecting the overall exporting sector throughout the country,noted Dr Kwesu.
We also need to thank the authorities on such timely interventions that guarantee increased export earnings and create a platform for increased exports at a time when focus is on growing the productive sectors,added Dr Kwesu.
Monetary Policy Committee member Mr Persistence Gwanyanya explains objectives of the scheme.
The clear cut intention is just to promote economic growth by driving an exponential increase in exports, diversification and competitiveness, we also sought to drive sustainable growth in exports, fine tune policies on earnings for direct exporters,he said.
The exchange control circular states that a tight monitoring system has been put in place to ensure compliance with the regulations.