THE Reserve Bank of Zimbabwe (RBZ) has directed authorised
dealers and bureaux de change to immediately prioritise 70 percent of their
foreign currency payments to the productive and essential goods and services
sector.
In a circular issued on Wednesday, the apex bank said the
directive was meant to ensure that the economy responds to the enhancement of
production in the country in light of the Covid-19 impact.
“Accordingly, and consistent with the exchange control
circular number 3 of 2020, authorised dealers and bureaux de change are advised
that the attached priority list for foreign currency payments shall apply with
immediate effect to ensure that foreign currency resources are substantially
channelled to the productive sectors of the economy in light of the Covid-19
pandemic,” said RBZ.
It said 70 percent of the foreign currency payments should
be prioritised to the productive sector for the importation of raw materials,
machinery and spare parts for local production (value addition) that directly
substitute import of essential finished products. Among others, 70 percent of
the foreign currency payments should be prioritised on imports of critical and
strategic goods such as basic foodstuffs and fuel, health and agro-chemicals
provided the foods are not available locally.
Top priority should also be accorded to the importation of
packaging material, mining consumables, goods and services not locally
available for tourism operators, medical consumables and fees, payment for
services not available in Zimbabwe, remittance of pension income for
non-resident Zimbabweans who formally migrated from Zimbabwe, as well as
payment for university and college fees.
The monetary authority also indicated that the other 30
percent of foreign currency payments should be prioritised on capital
remittances for cross border investments, capital remittances from disposal of
local property, disinvestment proceeds and dividend remittances as well as
funding of off shore credit cards. Herald
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