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RBZ orders miners to transfer 80% of all foreign exchange receipts to RBZ nostro account in exchange for RTGS payments

6 years agoMon, 21 Aug 2017 10:31:16 GMT
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RBZ orders miners to transfer 80% of all foreign exchange receipts to RBZ nostro account in exchange for RTGS payments

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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