FPR to get more forex for gold

FPR to get more forex for gold

Golden Sibanda and Africa Moyo

TREASURY is working on measures to ensure Fidelity Printers and Refiners (FPR), the country’s sole authorised gold buyer, gets adequately funded with US dollars for timely payment of gold deliveries to curtail smuggling, a Cabinet Minister has said.

Gold is Zimbabwe’s single largest foreign currency earner and at about US$1,3 billion (2018) accounts for over 60 percent of the annual inflows from the mining sector, which earns 50 percent of the hard currency the country generates.

There have been reports of rampant smuggling of gold, especially among small scale and artisanal miners, largely due to delays by Fidelity Printers in making payments for deliveries and low prices compared to other markets.Cumulatively, gold deliveries fell 16 percent to 27,6 tonnes in 2019 from 33,3 tonnes in 2018 on account of suspected widespread smuggling due to miners’ concerns over previous foreign currency retention thresholds.FPR earlier this year, however, […]

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