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RBZ to track forex use

Eric Chiriga

THE Reserve Bank of Zimbabwe (RBZ) will with effect from September 1 issue all importers and other users of foreign currency a tracking and import mechanism to be used to trace all foreign curre

ncy usages.

Under the system, users of foreign currency who will not have the Import and Tracking Control Number (ITCN) will not receive foreign currency from the auction system.

The RBZ’s exchange and control department says the tracking system would be noted on all auction-related documents, including foreign exchange bidding forms, invoices and documents of entry of imported goods.

“Exchange control will register and assign the tracking numbers to all importers. All authorised dealers are directed to submit details of all their importing customers by August 18,” a statement by the exchange control said.

Morris Mpofu, who heads the RBZ exchange control department, could not be reached for comment this week.

The central bank advised all importers to approach their bankers to ensure that they were registered with its division and assigned an import and tracking control number.

During his monetary policy review last month, RBZ governor Gideon Gono raised concerns about the abuse of the auction system.

The system is the brainchild of the Confederation of Zimbabwe Industries born out of its desire to access foreign currency easily introduced in January.

Gono said some of the abuses had taken different forms including the repeated accessing of foreign exchange on the auction for purposes of externalising funds under false import documents.

During the policy review statement, Gono said all recipients of foreign currency via the diaspora system would no longer receive their money in hard currency, since it eventually found its way onto the “black market”.

The RBZ said the ITCN, which would be assigned to both exporters and non-exporters, should be used for all foreign currency payment applications.

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