The RESERVE Bank of Zimbabwe (RBZ) says it will liquidate
all foreign currency that will be channelled into the country after the
prescribed three-month period for exporters in a desperate attempt to shore up
forex flows in the country.
Zimbabwe is experiencing severe foreign currency shortages
that are choking industry and government operations.
The country requires hard currency for the importation of
key commodities such as fuel, medicines, grain and electricity.
“As part of ensuring compliance in the administration of
exports, authorised dealers are advised that all exporters with forms
CD1/CD3/TRAS1/TRAS2/PTS1/GSD shall forfeit the expected retention portion of
their export proceeds, through the liquidation of such funds upon the market at
the prevailing interbank market rate,” RBZ exchange control director Farai
Masendu said in a circular last week.
Exporters are allowed to retain between 50 to 80% of
foreign currency after exporting, but are expected to use it within three
months.
CD1 forms are for real sector goods, CD3s are for
declaration of road transport/freight charges and TRAS 1 forms are for declaration of non-consumptive tourism
earnings.
TRAS2 forms are used for declaration of consumptive tourism
(hunting) earnings, PTS1 is for declaration of post and telecommunication
receipts while GSD is for general services
The central bank said for the avoidance of any doubt,
exporter documentation such as exporters that are flagged orange or red in the
Computerised Exports Payments Exchange Control
System (CEPECS) are not entitled
to have the retention portion of the new inflow export proceeds until
the overdue position is cleared .
CEPECS is a web-based real-time exchange control system
that links the central bank to commercial banks, the Zimbabwe Revenue
Authority, exporters and other government agencies that facilitate and promote
export of goods and services.
The apex bank said authorised dealers were, therefore,
required to ensure that the administrative processes for the full acquittal of
the export documentation are expeditiously carried out so as to avoid prejudice
to the compliant exporters.
Economist John Robertson bemoaned the piling of punitive
regulations on businesses, urging authorities to remove them.
“Many companies accumulate forex and it may take more than
three months for export proceeds to be paid. This will restrict the ability of
business to operate freely. It’s likely to cause problems for some companies
and they must be allowed to apply for waiver for special treatment. It’s a pity
that we have many regulations affecting business. We should do our best as a
country to do away with such regulations,” said Robertson.
Last November, the government gazetted Statutory 249 of
2019 that compels exporters to pay for power in forex.
Zimbabwe is experiencing a debilitating power supply
shortage that is lasting over 18 hours per day affecting industry and household
operations. Standard
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