Fuel Imports: Miners Call For Upward Review Of Forex Retention Threshold
The Chamber of Mines of Zimbabwe (CoMZ) yesterday welcomed Government’s decision to liberalise the importation of fuel for industrial use.
CoMZ however noted the need for an upward review of the mines’ foreign currency retention threshold. CoMZ is a private sector voluntary institution whose membership accounts for about 90 percent of the country’s total mineral output. CoMZ chief executive, Isaac Kwesu, said some companies may fail to take advantage of the new intervention by Government due to foreign currency retention threshold. Said Kwesu:
It’s (the liberalisation) good, it is very welcome. But of note is that only those with foreign currency may then find it easy to import fuel into the country. Remember the foreign currency retention threshold we are currently getting was arrived at on the assumption that our fuel needs will be paid for using RTGS balances. What I am saying here is the forex we are retaining is already exhausted by other needs, so for us to benefit from the new regulations, there is a need for the foreign currency threshold we are getting to be increased.