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Zimbabwean banks are struggling to meet exporters’ foreign currency demands for importing raw materials due to severe liquidity constraints.
In an interview with <a href="https://newsday.co.zw/theindependent/business-digest/article/200031626/banks-struggle-to-fund-imports">The Independent</a>, Fanwell Mutogo, CEO of the Bankers Association of Zimbabwe, said that the ongoing foreign currency shortages have hindered banks’ ability to support both exporters and importers effectively. He said:
<blockquote>
The insufficient foreign exchange has had an impact on the importers and exporters, hence hindering the banks to meet the needs and demands of both exporters and importers.
</blockquote>
Mutogo said the situation might improve if the recently introduced Zimbabwe Gold (ZiG) currency gains value. He said:
<blockquote>
As the market accepts ZiG and uses it more for domestic transactions, banks are most likely to receive more voluntary foreign currency sales.
</blockquote>
Economist Prosper Chitambara said that building Zimbabwe’s foreign currency reserves is essential. He said:
<blockquote>
We look at several countries. South Africa has about US$62 billion in terms of reserves, Zambia has about US$4 billion, and Botswana, has about US$5 billion. So, Zimbabwe with about US$400 million, is probably not adequate.
So, I think we need to build our reserves, and we can always use those reserves again to liquidate in the interbank market.
</blockquote>
On Friday, Reserve Bank of Zimbabwe Governor John Mushayavanhu announced that reserves backing the structured currency, primarily gold, had risen significantly to US$375 million in June, up from US$285 million.
In his 2024 Mid-Term Monetary Policy Statement, Mushayavanhu said the central bank is implementing a strategy to build foreign reserves until they meet international standards. He said:
<blockquote>
Given the importance of foreign currency reserves in sustaining the ZiG, the Reserve Bank has a reserves accumulation strategy to ensure adequate foreign reserves are available.
The Reserve Bank will, therefore, remain resolute on its accumulation strategy until the country’s foreign reserves reach internationally acceptable levels.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwean banks are having trouble giving exporters enough foreign money to buy materials they need. The lack of foreign money is causing problems for both importers and exporters. To fix this, a new currency called ZiG might help by gaining value. An economist says Zimbabwe needs to build more foreign reserves to be stable. The Reserve Bank of Zimbabwe is working on a plan to increase foreign reserves until they are at the right level. This will help the country's economy.

Zimbabwean Banks Struggling To Meet Exporters’ Foreign Currency Needs

Business leaders have appealed to the responsible authorities to reconsider the current 75% foreign exchange retention policy, arguing that the allocated funds are insufficient to meet their operational needs.
In submissions made to the Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu, the Chamber of Mines of Zimbabwe (CoMZ) said the forex retention threshold policy has adversely impacted the mining industry. As a result, some companies have been forced to scale down their mining capacity. It said:
<blockquote>
Most mining companies are facing foreign exchange shortfalls to meet their operational requirements and funding of expansion projects.
The available foreign currency has been coming down largely due to falling mineral earnings (on the back of softening commodity prices), with the mandatory 75% now being applied on a shrinking foreign exchange base.
</blockquote>
The Zimbabwe National Chamber of Commerce (ZNCC) has voiced concerns over the serious foreign currency shortages faced by companies in the country and is calling for an increase in the forex retention threshold. The ZNCC said:
<blockquote>
We are engaging the central bank to increase the forex retention threshold further from the current 75% in order for our members to meet their forex requirements.
With the current system, companies are facing serious forex shortages. With most firms grappling to access forex on the willing buyer willing seller platform, the 75% forex retention threshold is affecting the companies.
</blockquote>
Under the current policy, companies are required to sell 25% of their foreign currency earnings to the Reserve Bank of Zimbabwe (RBZ), while retaining the remaining 75%.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Businesses in Zimbabwe want the government to let them keep more of the foreign money they make. Right now, they can only keep 75%, and have to give 25% to the bank. This is causing problems for mining companies who need more money to run and expand. The Chamber of Mines and the Zimbabwe National Chamber of Commerce are asking for the retention threshold to be increased to help companies do better. They say falling mineral prices are making things worse. The government is being asked to make changes to the policy to help businesses get the money they need to keep going.

Businesses Urge Government To Increase Forex Retention Threshold

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe (RBZ)</a> said that exporters who don’t bring export proceeds into the country within 90 days will lose their retained portion of the earnings.
While exporters are allowed to keep between 50%-80% of their earnings, they are obliged to sell the balance on the interbank market.
Below is the full statement from the RBZ:
<blockquote>EXCHANGE CONTROL CIRCULAR NUMBER 1 OF 2020 TO AUTHORISED DEALERS ON OVERDUE EXPORT RECEIPTS
ISSUED IN TERMS OF SECTION 35 (1) OF THE EXCHANGE CONTROL REGULATIONS STATUTORY INSTRUMENT 109 OF 1996
1. As part of ensuring compliance in the administration of exports, Authorised Dealers are advised that with immediate effect, all exporters with overdue Forms CD1/CD3/TRAS1/TRAS2/PTS1/GSD, shall forfeit the expected retention portion of their export proceeds, through the liquidation of such funds upon receipt onto the market, at the prevailing interbank exchange rate.
2. For the avoidance of any doubt, exporters with overdue export documentation (i.e. exporters that are flagged orange and/or red in the CEPECS system) are not entitled to have the retention portion of the new inflow export proceeds, until the overdue position is cleared.
3. Authorised Dealers are, therefore, required to ensure that the administrative processes for the full acquittal of the export documentation, are expeditiously carried out to avoid prejudice to the compliant exporters.
4. Please be guided accordingly.</blockquote>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EPmz6oIXUAEsMI2?format=jpg&amp;name=900x900"/>

Reserve Bank Of Zimbabwe Warns Exporters

Banks have urged exporters to lead by example and trade their forex on the interbank platform the Chronicle reports.
This was said by <a href="https://www.pindula.co.zw/Nedbank_Zimbabwe">Nedbank</a>‘s Rita Stevavo who said banks were ready to disburse cash to exporters:
<blockquote>As exporters you can still get your US dollars through your <a href="https://www.pindula.co.zw/Nostro_Account">nostro accounts</a> but the problem is that you rely on unofficial information. Foreign currency is there but you are scared by informal market distortions. For you exporters, your nostro accounts are still operating as it were during the US dollar era.
When you buy forex from the black market, that is what is killing our industry. Banking is built on a relationship of trust and as businesses we expect you to be responsible. We are calling on you as business directors to be exemplary and don’t teach your employees to cut corners. Buying forex at a US$ rate of 21 or more on the black market is bad and yet at interbank rate it’s 16.</blockquote>
More: <a href="https://www.chronicle.co.zw/plenty-forex-for-exporters/">The Chronicle</a>
<blockquote> </blockquote>

Banks Ready To Disburse Forex To Exporters - Report

Zimbabwe’s exporting firms say that the government policy which requires them to utilise proceeds from their export receipts within 30 days has choked the life out them.
This was revealed by Confederation of Zimbabwe Industries (CZI) president Sifelani Jabangwe in an interview with The Independent. Said Jabangwe:
<blockquote>The exporters feel their voices are not being heard and say they can’t work with this policy in place anymore.
They are not complaining about the 20% retention but about the 80% like you rightly stated. Its true we have submitted our papers both on the budget and the MPS, but remember government has to strike a balance between its concerns and that of the private sector which has upset the manufacturers because they feel the real issues that concern them have been left out and there is no roundtable to discuss the issue for the betterment of the economy.
What’s now worrying is that some of the major exporters have threated to stop production which is a threat to the economy.
That is why we have requested the meeting through the Ministry of Industry so that they can bare their soul.</blockquote>
We are hoping by the end of this week we will have the meeting. They feel their values are being eroded and cannot continue to work under such conditions.
Foreign exporters who spoke to The Independent disclosed that the current situation has forced them to consider investing in other countries that have less punitive policies.
<h4>More: <a href="https://www.theindependent.co.zw/2019/05/31/forex-measures-suffocate-exporters/" rel="noopener noreferrer" target="_blank">The Independent</a></h4>

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