www.rbz.co.zw/documents/mps/2022/Monetary-Policy-Statement-February-2022.pdf

Feb. 7, 2022

Export retentions for Manufacturing, Horticulture and Cross-Border, Transport, Tourism, Tobacco and Cotton Growers and Tobacco Merchants increased to between 75% - 100% retention by Government.

Tobacco farmers to get 60% in foreign currency

Tobacco farmers to retain 60 percent of their earnings in foreign currency while the remainder will be liquidated at the prevailing exchange rate, the Reserve Bank of Zimbabwe has announced. This puts them in line with other exporters

Zimbabwe central bank lets exporters hold dollars beyond 60 days

Zimbabwe’s central bank reversed a decision to force exporters, including mining companies, to sell a large portion of their dollar earnings if they were not used after 60 days.

RBZ yields to pressure, raises tobacco forex retention threshold to 50%

Tobacco farmers will now retain 50% of their earnings, up from the 30% proposed in the February 20 monetary policy statement, after growers successfully lobbied for an increase. Last season, tobacco growers got paid US$250 per sale, with the rest of their earnings paid in electronic deposits which sharply lost value last October.

RBZ increases gold retention threshold from 55% to 70%

THE Reserve Bank of Zimbabwe (RBZ) has increased the gold retention threshold to 70 percent in foreign currency for sale proceeds from the previous 55 percent in a move aimed at boosting production in the sector. Under the new gold trading framework, it means gold producers will now receive 30 percent of their gold sale proceeds to Fidelity Printers and Refiners (FPR) in local currency. FPR is the country’s sole gold buyer and operates under the purview of the Central Bank. In a statement, FPR general manager Mr Fradreck Kunaka said the new gold trading framework was with effect from yesterday. “Gold producers shall be paid under a 70/30 payment arrangement scheme in terms of which 70 percent of the gold sale proceeds shall be paid into the producer’s Nostro account and the balance of 30 percent shall be paid in local currency at the ruling exchange rate into the producer’s ZW$ account,” he said