1 Chrome Producers / Miners have a clearly defined payment structure which enables them to receive the much needed foreign currency earnings.
Chrome Producers wishing to receive payments in foreign currency from chrome buyers are required to open an Exports Nostros Account in order to enable chrome buyers to send payments in forex .With this new update, the Nostro Export Account enables Chrome miners to receive funds from a domestic / local transaction but the rules still apply on retention at 50% .
2 Chrome Producers / Miners have a formal payment structure that enables them to pay for the required goods and services in foreign currency as per the requirements of the foreign based service providers and equipment suppliers. Note: The majority of the Producers / Miner’s Costs are in Foreign Currency. Mining Equipment, Maintenance Parts, Technical Support Services are all imported.
3 A Key point to Note: Our Zimbabwean Government Officials, RBZ, Ministry of Finance, Ministry of Mines & Mining Development, MMCZ, as well as the Commercial Banking System will now be able to assess and monitor the domestic/ local Chrome sales transactions, (these make up the majority of small scale miner transactions). This will further drive our nation to identify Chrome Buyers who are engaged in predatory chrome buying practices (offering ultra-low amounts below the international market prices for chrome to producers / miners). Concurrently , this will enable RBZ to track and target chrome buyers who are currently engaged in illegal transfer pricing activities .Chrome Buyers and their agents engaged in transfer pricing activities, we expect will be seriously dealt with to the maximum capacity of our nation’s laws and they will be subsequently removed from operating a predatory business from within our nation.