RBZ goes after informal traders forex, exporters’ proceeds

THE Reserve Bank of Zimbabwe (RBZ) has cut export retention proceeds by another 5% and ordered local authorities to not to issue licences to informal traders without bank accounts.

This comes amid a decline in foreign currency circulation as the market is holding on to money due to the exchange rate volatility.

The exchange rate volatility is being caused by the struggling Zimbabwe Gold (ZiG), which remains the functional and reporting currency, while the economy is dollarising.

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