Business frets over export receipts liquidation

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BUSINESS has lamented the return of the Reserve Bank of Zimbabwe’s (RBZ) mandatory liquidation of unutilised export receipts after four months, saying the policy is “retrogressive”.
To “enhance the circulation of foreign currency in the economy”, the apex bank this week said it was reintroducing the policy, which it scrapped a couple of years ago after a backlash from business.

“The monetary policy committee (MPC) resolved to maintain the current export retention thresholds across the various sectors of the economy and that 25 percent of the unutilised export receipts shall be liquidated at the willing-buyer willing-seller exchange rate after 120 days from the date of receipt of the export proceeds,” RBZ governor John Mangudya said in a statement.