News Formal

Zimbabwe allays fears over gold sales, remittances after currency reform | IOL Business Report

  • 📰 IOL
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

Zimbabwe allays fears over gold sales, remittances after currency reform busrep

INTERNATIONAL - Zimbabwe’s central bank has reassured gold companies and people receiving money transfers that they will still be able to receive foreign currency in their bank accounts after a ban takes effect in shops.

President Emmerson Mnangagwa said the move was an important step to repair the economy, but it caused uncertainty among businesses and people who rely on remittances from the large Zimbabwean diaspora. Gold producers operating in Zimbabwe keep 55% of their sales proceeds in foreign currency, with the remainder being surrendered to the central bank. After Monday’s currency reform, half of the balance kept by the central bank will now be sold on the interbank forex market.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 46. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Standoff between MultiChoice and tech union continues | IOL Business ReportThe standoff between MultiChoice and the Information Technology Communication Union (ICTU) continues after a meeting between them failed on Wednesday.
Source: IOL - 🏆 46. / 51 Read more »