The Reserve Bank of Zimbabwe (RBZ) said that exporters who don’t bring export proceeds into the country within 90 days will lose their retained portion of the earnings.
While exporters are allowed to keep between 50%-80% of their earnings, they are obliged to sell the balance on the interbank market.
Below is the full statement from the RBZ:
EXCHANGE CONTROL CIRCULAR NUMBER 1 OF 2020 TO AUTHORISED DEALERS ON OVERDUE EXPORT RECEIPTS
ISSUED IN TERMS OF SECTION 35 (1) OF THE EXCHANGE CONTROL REGULATIONS STATUTORY INSTRUMENT 109 OF 1996
1. As part of ensuring compliance in the administration of exports, Authorised Dealers are advised that with immediate effect, all exporters with overdue Forms CD1/CD3/TRAS1/TRAS2/PTS1/GSD, shall forfeit the expected retention portion of their export proceeds, through the liquidation of such funds upon receipt onto the market, at the prevailing interbank exchange rate.
2. For the avoidance of any doubt, exporters with overdue export documentation (i.e. exporters that are flagged orange and/or red in the CEPECS system) are not entitled to have the retention portion of the new inflow export proceeds, until the overdue position is cleared.
3. Authorised Dealers are, therefore, required to ensure that the administrative processes for the full acquittal of the export documentation, are expeditiously carried out to avoid prejudice to the compliant exporters.
4. Please be guided accordingly.