Forex surrender policy stifles Proplastics

0
21

PROPLASTICS says the increase to 30 percent of export proceeds surrender requirements to the Reserve Bank of Zimbabwe (RBZ) beginning of this year has rendered its export business uncompetitive.

Authorities increased foreign currency surrender for exporters by five percentage points from 25 percent, meaning exporting companies will only retain 70 percent of earnings in hard currency while 30 percent is converted into a discounted ZiG equivalent, due to exchange rate fluctuations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here