Full Statement: Mnangagwa Extends Three-Month Moratorium For Those Who Illegally Externalised Funds

President Emmerson Mnangagwa has extended the three-month moratorium which he had initially offered to all those who illegally externalised funds. The president had initially said, that after the three month period all those who did not heed his call to return the externalised funds would be arrested and prosecuted.

However, at the  Zimbabwe Trade and Investment Conference in Harare today, President Mnangagwa said those who illegally externalised money have been given another two weeks to comply with the moratorium.  The new deadline is the 16th of March.  On the 19th of March, a list of those who did not comply will be published.

We publish the statement below in full


I. The Presidential Powers (Temporary) Measures (Amendment of Exchange Control Act) Regulations, SI 145 of 2017 gazetted on Ist December 2017 gave an Amnesty in respect of the repatriation of foreign currency and assets that were externalised by commission or omission or under the liberalised Exchange Control Framework. The Amnesty expired on the 28th of February 2018.

2. Government is pleased to advise the public that out of 1166 (valued at $1 .3 billion) cases of externalisation known by Government, a total of 105 cases valued at US$250 million were processed by the Reserve Bank of Zimbabwe (RBZ) in respect of externalised foreign currency. Thirty (30) cases valued at $50 million of immovable properties in various countries were reported to RBZ whilst 210 cases valued at $287 million pertained to externalised funds that were used to procure imports. The cases processed to give a success rate of 45% by value.

3. The bulk of the 771 cases (or 55% by value) that did not take heed of the Amnesty pertain to non-remittance of export proceeds (328 cases valued at US$215.8 million), externalisation by foreigners (213 cases valued at US$375 million), non-acquittal of imports (153 cases valued at US$75.1 million) and Panama Papers and others valued at US$150 million.

4. As a result of this positive response, the Reserve Bank has requested for additional time to validate and finalise the Amnesty process before Government proceeds to name and shame those who did not take heed of the Amnesty and to proceed to take legal action against such cases.

5. In order to facilitate the above, the Bank has sought my Authority to extend the Amnesty period by a two week period. Accordingly, I have granted the authority for the extension of the Amnesty by a period of two weeks to 16 March 2018 after which time the outstanding cases will be publicised on 19 March 2018.

6. For the avoidance of doubt, the Amnesty also pertains to the cases that are before the courts where judgement is yet to be passed.

E.D. Mnangagwa
President of the Republic of Zimbabwe



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One Comment on “Full Statement: Mnangagwa Extends Three-Month Moratorium For Those Who Illegally Externalised Funds

  1. What a people centred president. Those who can’t comply given extension of such an olive branch will be asking for public reactionary stampede . Cde edm deserve his position for the entire tenure as commander in chief. Noone must go against national moratorium unless ava kuita declare war against laws of the land.

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