The Reserve Bank of Zimbabwe (RBZ) is set to allow large-scale gold mining companies to directly export a portion of their output in a move seen as the central bank’s gradual easing of its control of the trading of the precious metal in the southern African country.
Reuters quoted the bank's director of exchange control Farai Masendu as saying in a circular that miners who boosted gold output above their average monthly production would be allowed to directly export that portion.
“[This will] enable them (gold miners) to secure funding in form of gold loans, to enhance their gold production," he said.
RBZ owns the Fidelity Printers and Refiners (FPR), which is the sole buyer, refiner and exporter of gold in Zimbabwe.
The central bank is expected to unbundle FPR into two separate entities.
It will sell a majority stake in the new gold refinery business to miners.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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