The Reserve Bank of Zimbabwe (RBZ) has increased the export incentive from 5 percent to a minimum of 12 percent for top exporters. The amount will be determined on a case by case basis although the central bank revealed that it has gone as high as 17.5 percent, and is willing to go up to 20 percent. Since the introduction of bond notes last year, the central bank has been paying out exporters as well as people who receive foreign currency an incentive.
RBZ head exchange control directorate Mr Farai Masunda said:
The Reserve Bank of Zimbabwe has considered and approved an accelerated export incentive above five percent up to 12 percent and above on a case by case basis.
here are cases where we have gone up to 17,5 percent. The issue is merit and whether we are financing exports that are making impact on our economy. We don’t want to give someone who is exporting 100 items only but we would have created a precedence. So we can consider if you justify your requirements and why you need more and we will consider that.
This shows the significance we attach to generating this foreign exchange. We, therefore, need to identify strategies to diversify exports and not have concentration of mineral exports.
We need to increase productivity and inculcate an exporting culture and push the product beyond border and generate foreign exchange.
More: Sunday News