34 Tonnes Of Gold Smuggled To South Africa - Mthuli Ncube

Finance Minister Mthuli Ncube said that between 30 tonnes and 34 tonnes of gold are smuggled to South Africa partly due to the Reserve Bank of Zimbabwe’s (RBZ) foreign currency retention policy.

Ncube made the comments at a breakfast meeting organised by the Daily News and the Ministry of Mines and Mining Development. He said:

When we spoke to our colleagues in South Africa at the Rand Refinery in Cape Town, we saw a jewellery shop, they said that’s all your gold from Zimbabwe. A total of between 30 and 34 tonnes are smuggled into South Africa.

Ncube said that he will a discussion with RBZ governor John Mangudya on the gold output and retention percentages to encourage goll to sell their gold through proper channels.

In February this year, the RBZ established the 55% forex retention threshold, where 45 per cent of miners’ earnings are paid in Zimbabwean Dollars.

More: Business Times