by Rudo Saungweme

The exporting industry is lobbying to pay its workers in foreign currency basing their argument on the fact that their proceeds come in foreign currency.

The move will also assist in increasing the foreign currency inflow in local banks, Harare post has learnt

One Managing Director from a giant local mining firm who refused to be named said, “As management, we are lobbying on behalf of our employees to pay them in foreign currency. This is because our products are mainly exported and our reserves are in foreign currency.

“Since Finance and Economic Development Minister, Professor Mthuli Ncube has introduced the Nostro Foreign Currency Account (FCA) and Real Time Gross Settlement (RTGS), we have since encouraged our employees to open the FCA Nostro accounts.

“I am optimistic that the move will also go a long way in increasing foreign currency inflow in local banks,” he said.

In September, Government directed the separation of FCA nostro account and RTGS FCA in line with the Monetary Policy Statement issued in terms of Section 46 of the Reserve Bank of Zimbabwe (RBZ) Act (Chapter 22:15) and Exchange Control Directive PTI20/2018.

Exporting companies welcomed the move, thus the need to pay their workers in foreign currency. Zimbabwe mainly exports Agricultural products and minerals. Non-Governmental Organisations (NGOs) and embassies in the country also feel that there is need for them to be pay their employees in foreign currency.

Minister Mthuli assured the nation that those who deposit their money in foreign currency will also be given their money in forex upon withdrawal.