
He argued that an SI could not amend a parent Act.
Zanu PF’s Hwedza North legislator Cde David Musabayana had
commended Finance and Economic Development Minister Professor Mthuli Ncube for
repealing the use of multiple currencies.
“There were a lot of distortions in the market because of
the multi-currency regime.
“The return of the Zimbabwe dollar means the return of
national sovereignty,” Cde Musabayana said.
But Speaker of the National Assembly Advocate Mudenda
yesterday stopped parliamentarians from debating the S1 after concurring with
leader of Government business in the House, Justice, Legal and Parliamentary
Affairs Minister Ziyambi Ziyambi, saying the SI needed to first go through the
Parliamentary Legal Committee for scrutiny.
Meanwhile, foreign currency retention thresholds for
exporters have not changed following the proclamation of Statutory Instrument
142 of 2019 that scrapped the multi-currency system and replaced it with a
local currency, the Zimbabwe dollar.
This was said by Reserve Bank of Zimbabwe (RBZ) Governor Dr
John Mangudya in response to enquiries on the fate of foreign currency
retention thresholds for exporters such as tobacco farmers and gold producers,
among others, following Monday’s proclamation.
“Nothing has changed on the foreign currency retentions for
all exporters including for tobacco growers.
“The same is true for Diaspora remittances, which can still
be paid in cash or through nostro accounts,” said Dr Mangudya.
Under an agreement between the RBZ and the Tobacco industry
Marketing Board at the beginning of the marketing season, tobacco farmers are
entitled to 50 percent of their earnings in foreign currency deposited in their
Nostro accounts while the remainder would be deposited into RTGS dollar
accounts.
Small-scale tobacco farmers growing tobacco on two hectares
and below are entitled to retain sales proceeds in their Nostro FCA for an
indefinite period as free funds.
Large-scale tobacco growers with more than two hectares of
the crop, are entitled to retain sales proceeds in their Nostro FCA for a
period of 180 days, after which it would be offloaded onto the market at the
ruling interbank market exchange rate.
Mining houses are allowed to retain 55 percent of their
foreign currency earnings while manufacturers retain 80 percent of their
proceeds.
Miners of “other minerals” retain 50 percent; tobacco and
cotton merchants for input schemes (80 percent); cotton growers (30 percent)
while horticulture, transport, and tourism retain 80 percent.
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