27 March 2017
   
New Zimbabwe Header
Professor Moyo - I won't be silenced!
Increasingly brave courts risk Bob wrath
Min: No favours for returning diasporans
Mujuru delights in Byo minister’s grief
Gweru: Soldiers beat up MSU students
Mzembi campaigns in Cuba, Mexico
Zimbabweans anxious as SA permits expire
Hong Kong: Man from Zim held over ivory
MORE NEWS
Stock market nearly doubles turnover
Government overspent by 42.3 per cent
MORE BUSINESS
Creative youths turn garbage into artwork
HIFA returns after a year’s absence
MORE SHOWBIZ
Mapeza satisfied with Zambia draw
Manyuchi surrenders title in 1 min 52 sec
MORE SPORTS
Biometric vote (BVR): Dispelling the Myths
2018 poll: Last chance or lost chance
MORE OPINION
 
Pastors should be servants not kings
2018 and Zanu PF’s liberation war DNA
MORE COLUMNISTS
 
 

Delays in foreign payments to hit mining output

13/03/2017 00:00:00
by Source.co.zw
 
Bankers Association of Zimbabwe (BAZ) president Charity Jinya
 
RELATED STORIES

HARARE: Zimbabwe’s mining companies say local banks are delaying processing of foreign payments by three months as the country battles a shortage of dollars, which could threaten production.

Mining accounts for more than half of the country's export earnings, which amounted to $1,3 billion in the first nine months of 2016.

Zimbabwe, which is battling a banknote shortage, last year imposed a priority list for foreign payments and banned non-critical imports to manage the little available foreign currency.

On the list, payments for critical inputs for the productive sector are given high priority but a Chamber of Mines economist Pardon Chitsuro told a Parliamentary Committee on Finance that miners were facing delays of up to three months to have their payments processed.  

“We have been facing a crippling foreign payments gridlock with delays of up to 12 weeks impacting negatively on production….we continue to appeal to the reserve bank to prioritize the mining sector in light of its centrality in terms of generating foreign exchange,” he said.

Bankers Association of Zimbabwe (BAZ) president Charity Jinya told the committee that an increase in the volume of transactions had put a strain on the banks’ systems.

“Delays differ from bank to bank but depending on the priority, it can be well beyond a month behind before the request is processed.”



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker