Exporters Can Keep Part Of Proceeds Past 30 Days

The Reserve Bank of Zimbabwe will allow exporters to keep part of their export proceeds, before compulsory conversion to local currency, for periods longer than the prescribed 30 days in exceptional circumstances.

RBZ governor John Mangudya indicated in the 2019 Monetary Policy Statement that exporters would be allowed to retain a prescribed percentage of their export proceeds in hard currency for only 30 days. Mangudya said after the 30 day period the unused funds will be released onto the market at the prevailing exchange rate. Said Mangudya:

Companies will not be constrained (by the compulsory conversion to RTGS dollars) because there is an exchange control authority that is given to those people who are genuine. Where there are exceptions, they (exporters) are given that exchange control authority/ approval. Just like CD1 forms (acquittal), we say people (exporters) must acquit in 90 days, but others don’t submit within that period because of certain challenges. The exporters know that there is a law (providing for that).

More: Herald