STAFF REPORTER
Zimbabwe’s central bank has suspended the 30-day foreign currency balance liquidation requirement for exporters as part of efforts to minimise the impact of the coronavirus pandemic on the economy.
The new measures are contained in an Exchange Control Circular No 3 of 2020 issued on Tuesday by the Reserve Bank of Zinbabwe (RBZ) to authorised dealers and authorised dealers with limited authority in terms of Section 35 (1) of the Exchange Control Regulations Statutory Instrument 109 of 1996.
In the circular, RBZ director of exchange control Farai Masendu, said the latest interventions were meant to buttress recent pronouncements by the RBZ governor, John Mangudya, in response to the financial vulnerabilities caused by the deadly virus, which has ravaged the world.
“The 30-day liquidation requirements on unutilised foreign currency balances for exporters has been suspended until further notice when markets stabilise from the effects of Covid-19,” Masendu said.
“All exporters should be treated as ‘green nagged’ for the smooth administration of all export receipts until further notice. The flagging of importers and penalty system has also been suspended until further notice.”
Masendu said all payments processed shall continue to be reported in the Computerised Exchange Control Batch Application System system, adding that all supporting documentation should be filed separately for onsite inspection after the lockdown period.
He also stated that authorised dealers shall continue to process applications for extensions of acquittal period, cancellations, amendments and exceptional acquittal of foreign payments in line with existence exchange control framework.
