Industry steps up lobbying of State

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BUSINESS is escalating its bid to persuade authorities to review a number of economic policies, including the foreign currency retention quota, to incentivise the productive sector and boost the country’s exports.
This comes as exporters are currently required to liquidate at least 40 percent of their total foreign currency receipts at the official bank rate, which business wants to be reviewed upwards.
It also comes after the country narrowed its usually high trade deficit significantly in July, partly on the back of rising exports and industry capacity utilisation levels.