Miners Welcome Forex Retention Threshold Adjustment

Local miners have expressed excitement after the Reserve Bank of Zimbabwe’s (RBZ) announced an increase of the gold retention threshold to 70 per cent in foreign currency for sale proceeds from the previous 55 per cent.

In a circular to media houses on Tuesday, the Zimbabwe Miners Federation (ZMF) chief executive officer Wellington Takavarasha said:

Please accept our sincere gratitude to RBZ through FPR having increased the gold retention threshold from 55 percent/45 per cent to 70 per cent/ 30 per cent (US$ and RTGS respectively).

In a statement, Fidelity Printers and Refiners (FPR) general manager Fradreck Kunaka said the new gold trading framework was with immediate effect. Said Kunaka:

Gold producers shall be paid under a 70/30 payment arrangement scheme in terms of which 70 per cent of the gold sale proceeds shall be paid into the producer’s Nostro account and the balance of 30 per cent shall be paid in local currency at the ruling exchange rate into the producer’s ZW$ account

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Under the new framework, small-scale gold buying agents and artisanal producers shall be paid in cash at a fixed price of US$45 per gramme of fine gold.

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