Reserve Bank of Zimbabwe Exchange Control Directive RR87 - 6 May 2016

DIRECTIVE ISSUED IN TERMS OF SECTION 35 (1) OF THE EXCHANGE CONTROL REGULATIONS STATUTORY INSTRUMENT 109 OF 1996

1. Introduction
1.1 Reference is made to Exchange Control Directive RR86/2016 and ECOGAD 8/16 dated 05 May 2016 which operationalised measures announced in the Governor's Press Statement of 04 May 2016 on measures and interventions to promote and sustain the multi-currency system and deal with the current cash shortages.
1.2 Exchange Control wishes to advise that, in the spirit of promoting financial inclusion and improving the Ease of Doing Business for small scale tobacco and gold producers, Authorised Dealers shall take note of the following clarification;
 

2. Treatment of Tobacco Farmers and Gold Producers
2.1 All tobacco farmers and gold producers shall be treated as corporate clients for cash withdrawal purposes. As such, the cash withdrawal conditions and thresholds applicable to corporates shall prevail for this category ie tobacco farmers and small scale/artisanal gold producers.
2.2 The apportionment of export receipts into 40% ZAR and 10% EUR shall not be applicable to tobacco farmers and small-scale/artisanal gold producers.
2.3 Tobacco growers and small scale/artisanal gold producers shall also be entitled to the 5% export incentive scheme through the Zimbabwe Bond Notes and payable into their USD denominated FCAs.

Download File: 

Tags: