RBZ raises gold forex retention threshold

FIDELITY Printers and Refineries (FPR), a subsidiary of the Reserve Bank of Zimbabwe, has raised the foreign currency retention threshold for gold miners to 70%, up from 55% .

By Tafadzwa Mhlanga

“Gold producers shall be paid under a 70/30 payment arrangement scheme in terms of which 70% of the gold sale proceeds shall be paid into the producers’ nostro account and the balance shall be paid in local currency at the ruling exchange rate in to the producer’s Zimdollar account,” FPR general manager Fredrick Kunaka said in a statement yesterday.

“Small-scale gold buying agents and artisanal producers shall be paid in cash at a flat price of forty-five United States dollars per gram of gold.”

He said large-scale gold buying agents must have a mining operation producing a minimum of 50 kilogrammes of fine gold per month to qualify for the agency permit.

“Small-scale gold buying agents will have to enter into an agency agreement with (Fidelity), which contract shall clearly spell out the terms and conditions under which the agents shall operate,” Kunaka said.

Fidelity and its monitoring teams will ramp up surveillance to ensure that gold is not sold on the black market.

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