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RBZ Speaks On Gold Dealing Licence Fees

1 year agoTue, 21 Mar 2023 17:39:45 GMT
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RBZ Speaks On Gold Dealing Licence Fees

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has sought to clarify the issue of Gold Dealing Licence fees following the publication of Statutory Instrument 32 of 2023 on Monday, 20 March 2023.

The Statutory Instrument set the fee for a Gold Dealing Licence at US$200 000 per annum.

In a statement issued this Tuesday, 21 March, Mangudya said that only gold refiners will pay US$200 000, while permits for gold-buying agents cost US$2 500 per annum. Reads the statement:

GOLD DEALING LICENCE FEES AND GOLD BUYING AGENCY FEES

It has come to the attention of the Reserve Bank of Zimbabwe (the Bank) that there has been some misunderstanding pertaining to payment of gold dealing licence fees and gold buying agency fees following the publication of Statutory Instrument 32 of 2023, (Gold Trade (Licence Fees) Amendment Notice, 2023 (No.1)), on 20 March 2023.

In line with its mandate to promote the development of gold mining and production in Zimbabwe, the Bank wishes to provide clarity as follows:

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(a) Statutory Instrument 32 of 2023 provides for annual licence fees payable by gold dealers – that is, persons licensed to buy, refine and export gold. Thus only gold refiners shall be liable to pay the US$200 000 licence fees.

(b) Gold buying agents are issued with permits by holders of a gold dealing licence and in the case of Fidelity Gold Refinery (Private) Limited, the agents are appointed to buy gold on its behalf in areas where it does not have gold buying centres and the permit costs US$2 500 per annum.

In that regard, a gold dealing licence is distinct from a gold buying agency permit.

Of late, stakeholders in the gold mining sector have been complaining over increases in gold sector licensing fees, but NewZimbabwe.com reported government sources as saying licensing fees will allow the lower levels of society to benefit from the yellow metal.

Earlier this month, Fidelity Gold Refiners (FGR) general manager, Peter Magaramombe, told Business Times that gold production in Zimbabwe dropped by 26% to 3.79 tonnes in the first two months of this year from the 5.129 tonnes reported in the preceding comparative period.

The significant drop in gold output has been blamed on heavy rains received in most parts of the country.

More: Pindula News

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15 Comments

Tateguru · 1 year ago
Yeah US$2.500 is nzwisisekable
Nijo · 1 year ago
yaah $2 500 boe mukute ngautengwe
izzy · 1 year ago
@ porongi ungoona kuti vanhu sooo yaàaa ibasa guru chairo
joe · 1 year ago
ndanga ndafara nokuti vana pombiyadonha vanga vatochema kudhara
porongi · 1 year ago
gold is a very precious mineral they should have pegged 2 million dollars for that so that vana kitsi yatota seni havazombofi vaka dealer in gold
jaa · 1 year ago
Correct coz makorokoza akabata mari dzacho vanoita kunge ndivo vega pasi pano
Anonymous · 1 year ago
Ummmm zvanga zvaramba ku maker sense governor magona now.
jaa · 1 year ago
zvanga zvine sense but ingoti hataikwanisa mari yacho semakorokoza
john panonhuwa mangudya · 1 year ago
aljezira paya yaitaura chokwadi asi takadhiza zvadu kuti vasa exposer the deal
takayenda takayenda · 1 year ago
iba zita iri unondiwona
kg · 1 year ago
matacha ari muno anoba mazita unopedzisira wabuda

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