HARARE: Weekly gold exports have increased by 33,3 percent to $16 million over the past four months largely driven by the 5 percent export incentive introduced by the Reserve Bank of Zimbabwe in May this year. Speaking at the Confederation of Zimbabwe Retailers SI 64 breakfast meeting yesterday, RBZ Governor Dr John Mangudya said the impact of the policy measures introduced by the central bank has been impressive.
The RBZ established a $200 million foreign exchange and export incentive facility supported by the African Export-Import Bank, as part of policy measures to address challenges affecting the economy. The initiative was also meant to resolve liquidity problems. The facility was aimed at providing a cushion to the high demand for foreign currency and to provide an incentive of up to five percent on foreign exchange receipts, including tobacco and gold export proceeds.
“The multiple currency system depends on the capacity of Zimbabwe to earn foreign currency. Because of the export incentive, which we introduced on May 5, 2016 we have seen gold exports going up to $15-$16 million every week and this is an increase from $12 million. “Our aim is to reach $20 million worth of gold exports (weekly). By giving an (export) incentive of five percent, the artisanal miners are now selling gold to the RBZ through the Fidelity Refineries and Printers,” said Dr Mangudya.
