The Reserve Bank of Zimbabwe (RBZ) has ordered Platinum and Chrome miners to transfer 80% of all foreign currency receipts into the Reserve Bank Nostro Account. In exchange for the foreign currency, the miners will be paid by the RBZ via the Real Time Gross Settlement System (RTGS). Part of the directive from the RBZ dated August 8, reads
With immediate effect, 80 percent of all foreign exchange receipts from Platinum Group Metals (PGM) and Chrome shall be transferred to the Reserve Bank Nostro Account on receipt.
This directive has alarmed the mining companies, as the government has previously abused the system. The central bank claims that this will “ensure effective administration of foreign exchange, as well as spread liquidity to guarantee equity in the foreign exchange market.”
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The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides for the Board of Directors and the post of Governor who is responsible for the day-to-day administration and operations of the Bank. The Governor is assisted by two Deputy Governors. Read More