November 13, 2019 / 8:48 AM / a month ago

Zimbabwe central bank will not allow miners to keep all forex earnings

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya speaks during the launch of the Sub-Saharan Africa Economic Outlook in Harare, Zimbabwe, October 30,2017. REUTERS/Philimon Bulawayo

HARARE (Reuters) - Zimbabwe will not grant mining companies’ request to keep all their export earnings in foreign currencies, central bank governor John Mangudya said on Wednesday, adding that the government needs some of the money to fund crucial imports.

Mining firms have asked the government to allow them to retain all of their export earnings in foreign currencies, saying they are disadvantaged by having a proportion paid to them in Zimbabwe dollars.

Mining companies are only allowed to keep up to 55% of their foreign exchange sales and the central bank pays them in local currency for the balance at the official interbank rate.

Reporting by MacDonald Dzirutwe; Editing by Susan Fenton

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